Economic Value Added (EVA)
EVA is registered trademark of Stern Stewart.
Economic value added or economic profit is the difference between revenues and costs,where costs include not only expenses, but also cost of capital.
Economic Profit
KLA Corp., economic profit calculation
US$ in thousands
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 NOPAT. See details »
2 Cost of capital. See details »
3 Invested capital. See details »
4 2026 Calculation
Economic profit = NOPAT – Cost of capital × Invested capital
= 5,068,432 – 21.64% × 10,301,582 = 2,839,499
The analysis of economic performance from June 2021 to June 2026 indicates a consistent ability to generate positive economic profit, signaling that the entity creates value exceeding its cost of capital throughout the period. While growth has been non-linear, the trajectory suggests a significant expansion in value creation by the end of the forecasted period.
- Net Operating Profit After Taxes (NOPAT)
- A general upward trend is observed in NOPAT, rising from 2,157,964 thousand US$ in 2021 to a projected 5,068,432 thousand US$ by 2026. A period of relative stagnation and a slight contraction occurred between 2022 and 2024, where figures fluctuated between 3.46 billion and 3.28 billion US$. However, a sharp acceleration is anticipated in the final two years, with a projected increase of approximately 54% between 2024 and 2026.
- Cost of Capital
- The cost of capital has remained relatively stable but exhibits a gradual upward trend following a dip in 2022. After reaching a low of 20.05% in June 2022, the rate has steadily climbed to a projected 21.64% by June 2026. This increasing cost of capital places higher pressure on the entity to generate higher operating returns to maintain economic value added.
- Invested Capital
- Invested capital demonstrates a consistent and steady increase over the six-year span. The capital base grew from 6,820,696 thousand US$ in 2021 to a projected 10,301,582 thousand US$ by 2026. This continuous expansion suggests ongoing investment in the asset base to support future growth in operating profits.
- Economic Profit
- Economic profit shows significant volatility but remains positive throughout the entire period. A substantial peak occurred in 2022 at 1,813,067 thousand US$, followed by a two-year decline reaching a trough of 1,430,975 thousand US$ in 2024. This decline coincides with the simultaneous decrease in NOPAT and an increase in the cost of capital. A strong recovery is projected for 2025 and 2026, with economic profit expected to reach 2,839,499 thousand US$, driven by the rapid growth in NOPAT outpacing the rises in both invested capital and the cost of capital.
In summary, the entity demonstrates a robust capacity for value creation. Despite a period of diminished economic profit between 2022 and 2024, the projected growth in operating efficiency and profit margins is expected to significantly enhance economic value added by 2026, effectively overcoming the headwinds of a rising cost of capital and an expanding capital base.
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Net Operating Profit after Taxes (NOPAT)
KLA Corp., NOPAT calculation
US$ in thousands
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 Elimination of deferred tax expense. See details »
2 Addition of increase (decrease) in allowance for credit losses.
3 Addition of increase (decrease) in deferred system and service revenue.
4 Addition of increase (decrease) in equity equivalents to net income attributable to KLA.
5 2026 Calculation
Interest expense on capitalized operating leases = Operating lease liability × Discount rate
= 264,298 × 3.74% = 9,885
6 2026 Calculation
Tax benefit of interest expense = Adjusted interest expense × Statutory income tax rate
= 294,325 × 21.00% = 61,808
7 Addition of after taxes interest expense to net income attributable to KLA.
8 2026 Calculation
Tax expense (benefit) of investment income = Investment income, before tax × Statutory income tax rate
= 177,642 × 21.00% = 37,305
9 Elimination of after taxes investment income.
An analysis of the financial performance from June 30, 2021, to June 30, 2026, reveals a general upward trajectory in both Net Operating Profit After Taxes (NOPAT) and net income, despite a period of volatility between 2023 and 2024.
- NOPAT Growth Trends
- A substantial increase in NOPAT is observed between 2021 and 2022, rising from US$ 2,157,964 thousand to US$ 3,432,493 thousand. This growth plateaued in 2023 with a marginal increase to US$ 3,464,285 thousand, followed by a slight contraction in 2024 to US$ 3,284,868 thousand. A strong recovery is projected for the subsequent period, with NOPAT expected to reach US$ 3,852,307 thousand by June 2025 and US$ 5,068,432 thousand by June 2026.
- Comparative Analysis of NOPAT and Net Income
- For the majority of the observed period, NOPAT remains higher than the net income attributable to the company, indicating that operating performance is the primary driver of value. However, a notable divergence occurs in 2024, where the gap between NOPAT and net income widens significantly, with NOPAT exceeding net income by approximately US$ 522,972 thousand. By 2025, a reversal is observed where net income is projected to exceed NOPAT, suggesting a potential increase in non-operating income or a reduction in non-operating expenses during that fiscal year.
- Profitability Forecast and Momentum
- The projections for 2025 and 2026 indicate an acceleration in profitability. The anticipated increase in NOPAT to over US$ 5 billion by 2026 represents a significant expansion compared to the 2021 baseline. This upward momentum suggests an expected improvement in operational efficiency or an increase in market demand for the company's core offerings, which is expected to drive higher economic value added in the long term.
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Cash Operating Taxes
KLA Corp., cash operating taxes calculation
US$ in thousands
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 analysis of tax-related expenditures reveals a divergent relationship between accounting provisions and actual cash outflows over the period from June 2021 to June 2026. While the provision for income taxes follows a generally ascending trajectory after an initial decline, cash operating taxes exhibit significant volatility with alternating periods of growth and contraction.
- Provision for Income Taxes Trend
- An initial reduction in the provision for income taxes is observed between June 2021 and June 2022, where values decreased from 283,101 to 167,177 thousand dollars. Following this trough, a consistent upward trend is evident, with the provision increasing steadily each year to reach a peak of 775,154 thousand dollars by June 2026. This represents a substantial long-term increase in the forecasted tax obligations.
- Cash Operating Taxes Volatility
- Cash operating taxes demonstrate a less linear progression compared to tax provisions. A period of rapid growth occurred between 2021 and 2023, with expenditures rising from 360,189 to 805,213 thousand dollars. However, this was followed by a sharp decline in 2024 to 600,366 thousand dollars, a subsequent peak in 2025 at 854,935 thousand dollars, and a final decrease to 712,640 thousand dollars in 2026.
- Comparative Analysis of Tax Outflows
- For the majority of the analyzed period, cash operating taxes consistently exceeded the provision for income taxes, indicating that actual cash tax payments were higher than the accounting expense recognized in the income statement. This gap was most pronounced in June 2023, where cash taxes were approximately double the provision. However, a convergence is observed by June 2026, where the provision for income taxes (775,154 thousand dollars) surpasses the cash operating taxes (712,640 thousand dollars) for the first time in the series.
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Invested Capital
KLA Corp., invested capital calculation (financing approach)
US$ in thousands
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 Addition of capitalized operating leases.
2 Elimination of deferred taxes from assets and liabilities. See details »
3 Addition of allowance for doubtful accounts receivable.
4 Addition of deferred system and service revenue.
5 Addition of equity equivalents to total KLA stockholders’ equity.
6 Removal of accumulated other comprehensive income.
7 Subtraction of construction-in-process.
8 Subtraction of marketable securities.
Invested capital exhibits a consistent upward trajectory over the six-year period, increasing from 6.82 billion USD in June 2021 to a projected 10.30 billion USD by June 2026. This steady expansion indicates a progressive increase in the total capital employed to support operations and growth objectives.
- Invested Capital Trends
- The total invested capital grew by approximately 51% between 2021 and 2026. The most significant year-over-year increase occurred between 2021 and 2022, followed by a period of moderate annual growth and a projected acceleration in the final year of the sequence.
- Debt and Lease Obligations
- Total reported debt and leases demonstrated significant volatility. A sharp increase was observed in 2022, where obligations rose from 3.55 billion USD to 6.77 billion USD. Subsequent years showed fluctuations, with a secondary peak in 2024 at 6.82 billion USD, before projecting a stabilization near 6.15 billion USD by 2026.
- Stockholders' Equity Analysis
- Stockholders' equity experienced a substantial contraction in 2022, falling from 3.38 billion USD to 1.40 billion USD. This was followed by a sustained recovery, with equity returning to 2021 levels by June 2024. Projections indicate a strong growth phase thereafter, reaching 6.35 billion USD by June 2026.
- Capital Structure Evolution
- The drivers of invested capital shifted markedly over the period. In 2022, the expansion of the capital base was driven almost exclusively by increased debt, which offset the decline in equity. By contrast, the growth projected for 2025 and 2026 is primarily fueled by the expansion of stockholders' equity, signaling a transition toward a more equity-funded capital structure.
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Cost of Capital
KLA Corp., cost of capital calculations
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | 252,450,969) | 252,450,969) | ÷ | 258,195,267) | = | 0.98 | 0.98 | × | 22.05% | = | 21.56% | ||
| Debt3 | 5,480,000) | 5,480,000) | ÷ | 258,195,267) | = | 0.02 | 0.02 | × | 4.67% × (1 – 21.00%) | = | 0.08% | ||
| Operating lease liability4 | 264,298) | 264,298) | ÷ | 258,195,267) | = | 0.00 | 0.00 | × | 3.74% × (1 – 21.00%) | = | 0.00% | ||
| Total: | 258,195,267) | 1.00 | 21.64% | ||||||||||
Based on: 10-K (reporting date: 2026-06-30).
1 US$ in thousands
2 Equity. See details »
3 Debt. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | 120,718,261) | 120,718,261) | ÷ | 126,462,286) | = | 0.95 | 0.95 | × | 22.05% | = | 21.04% | ||
| Debt3 | 5,540,000) | 5,540,000) | ÷ | 126,462,286) | = | 0.04 | 0.04 | × | 4.67% × (1 – 21.00%) | = | 0.16% | ||
| Operating lease liability4 | 204,025) | 204,025) | ÷ | 126,462,286) | = | 0.00 | 0.00 | × | 4.06% × (1 – 21.00%) | = | 0.01% | ||
| Total: | 126,462,286) | 1.00 | 21.21% | ||||||||||
Based on: 10-K (reporting date: 2025-06-30).
1 US$ in thousands
2 Equity. See details »
3 Debt. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | 94,568,003) | 94,568,003) | ÷ | 101,017,511) | = | 0.94 | 0.94 | × | 22.05% | = | 20.64% | ||
| Debt3 | 6,260,000) | 6,260,000) | ÷ | 101,017,511) | = | 0.06 | 0.06 | × | 4.67% × (1 – 21.00%) | = | 0.23% | ||
| Operating lease liability4 | 189,508) | 189,508) | ÷ | 101,017,511) | = | 0.00 | 0.00 | × | 4.30% × (1 – 21.00%) | = | 0.01% | ||
| Total: | 101,017,511) | 1.00 | 20.87% | ||||||||||
Based on: 10-K (reporting date: 2024-06-30).
1 US$ in thousands
2 Equity. See details »
3 Debt. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | 67,881,517) | 67,881,517) | ÷ | 73,743,913) | = | 0.92 | 0.92 | × | 22.05% | = | 20.29% | ||
| Debt3 | 5,690,000) | 5,690,000) | ÷ | 73,743,913) | = | 0.08 | 0.08 | × | 4.64% × (1 – 21.00%) | = | 0.28% | ||
| Operating lease liability4 | 172,396) | 172,396) | ÷ | 73,743,913) | = | 0.00 | 0.00 | × | 3.36% × (1 – 21.00%) | = | 0.01% | ||
| Total: | 73,743,913) | 1.00 | 20.58% | ||||||||||
Based on: 10-K (reporting date: 2023-06-30).
1 US$ in thousands
2 Equity. See details »
3 Debt. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | 56,111,754) | 56,111,754) | ÷ | 62,890,341) | = | 0.89 | 0.89 | × | 22.05% | = | 19.67% | ||
| Debt3 | 6,665,000) | 6,665,000) | ÷ | 62,890,341) | = | 0.11 | 0.11 | × | 4.55% × (1 – 21.00%) | = | 0.38% | ||
| Operating lease liability4 | 113,587) | 113,587) | ÷ | 62,890,341) | = | 0.00 | 0.00 | × | 2.18% × (1 – 21.00%) | = | 0.00% | ||
| Total: | 62,890,341) | 1.00 | 20.05% | ||||||||||
Based on: 10-K (reporting date: 2022-06-30).
1 US$ in thousands
2 Equity. See details »
3 Debt. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | 53,977,311) | 53,977,311) | ÷ | 58,080,372) | = | 0.93 | 0.93 | × | 22.05% | = | 20.49% | ||
| Debt3 | 4,000,000) | 4,000,000) | ÷ | 58,080,372) | = | 0.07 | 0.07 | × | 4.36% × (1 – 21.00%) | = | 0.24% | ||
| Operating lease liability4 | 103,061) | 103,061) | ÷ | 58,080,372) | = | 0.00 | 0.00 | × | 1.64% × (1 – 21.00%) | = | 0.00% | ||
| Total: | 58,080,372) | 1.00 | 20.73% | ||||||||||
Based on: 10-K (reporting date: 2021-06-30).
1 US$ in thousands
2 Equity. See details »
3 Debt. See details »
4 Operating lease liability. See details »
Economic Spread Ratio
KLA Corp., economic spread ratio calculation, comparison to benchmarks
| Jun 30, 2026 | Jun 30, 2025 | Jun 30, 2024 | Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Economic profit1 | 2,839,499) | 1,891,337) | 1,430,975) | 1,709,408) | 1,813,067) | 744,167) | |
| Invested capital2 | 10,301,582) | 9,244,891) | 8,881,599) | 8,526,100) | 8,075,406) | 6,820,696) | |
| Performance Ratio | |||||||
| Economic spread ratio3 | 27.56% | 20.46% | 16.11% | 20.05% | 22.45% | 10.91% | |
| Benchmarks | |||||||
| Economic Spread Ratio, Competitors4 | |||||||
| Advanced Micro Devices Inc. | — | -21.43% | -27.69% | -29.12% | -28.73% | 27.84% | |
| Analog Devices Inc. | — | -12.05% | -14.17% | -10.08% | -11.45% | -14.69% | |
| Applied Materials Inc. | — | 17.08% | 10.19% | 13.17% | 23.15% | 18.63% | |
| Broadcom Inc. | — | -2.99% | -10.41% | 4.82% | 3.57% | -5.66% | |
| Intel Corp. | — | -18.73% | -30.05% | -19.94% | -13.15% | 3.44% | |
| Lam Research Corp. | 11.73% | 11.91% | -3.21% | 2.15% | 17.18% | 12.51% | |
| Marvell Technology Inc. | -8.89% | -26.62% | -26.65% | -22.31% | -25.08% | -26.81% | |
| Micron Technology Inc. | 56.21% | -14.83% | -26.53% | -38.30% | -10.78% | -15.51% | |
| NVIDIA Corp. | 86.10% | 117.20% | 61.75% | -16.34% | 25.86% | 6.34% | |
| Qualcomm Inc. | — | 12.42% | 7.62% | 0.15% | 26.59% | 23.99% | |
| Texas Instruments Inc. | — | 2.39% | 2.70% | 12.32% | 32.90% | 31.53% | |
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 Economic profit. See details »
2 Invested capital. See details »
3 2026 Calculation
Economic spread ratio = 100 × Economic profit ÷ Invested capital
= 100 × 2,839,499 ÷ 10,301,582 = 27.56%
4 Click competitor name to see calculations.
The financial trajectory from June 30, 2021, to June 30, 2026, reflects a period of substantial expansion in both the capital base and the generation of economic value. A consistent upward trend in invested capital is paired with a volatile but generally ascending trend in economic profit, resulting in a significant expansion of the economic spread ratio over the six-year period.
- Invested Capital Growth
- A steady and linear increase in invested capital is observed, rising from 6,820,696 thousand USD in 2021 to 10,301,582 thousand USD by 2026. This indicates a continuous commitment to capital deployment and organizational scaling, with the total capital base expanding by approximately 51% over the analyzed timeframe.
- Economic Profit Performance
- Economic profit exhibited significant growth and subsequent volatility. After a sharp increase from 744,167 thousand USD in 2021 to a peak of 1,813,067 thousand USD in 2022, a gradual contraction occurred through 2024, where profit reached a period low of 1,430,975 thousand USD. However, a strong recovery followed, culminating in a peak of 2,839,499 thousand USD in 2026, representing a nearly fourfold increase from the 2021 baseline.
- Economic Spread Ratio Analysis
- The economic spread ratio, which measures the return over the cost of capital, demonstrates a strong correlation with economic profit trends. The ratio expanded from 10.91% in 2021 to 22.45% in 2022, followed by a compression to 16.11% by 2024. The final two years show an acceleration in efficiency, with the ratio climbing to 20.46% in 2025 and reaching a maximum of 27.56% in 2026. This suggests that the returns generated on the invested capital significantly outpaced the cost of that capital, particularly in the final year of the period.
Overall, the data indicates that while the growth of the invested capital base was constant, the ability to extract economic value from that capital fluctuated between 2022 and 2024 before achieving peak efficiency in 2026. The expansion of the spread ratio confirms an increasing capacity to create value above the required minimum return.
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Economic Profit Margin
KLA Corp., economic profit margin calculation, comparison to benchmarks
| Jun 30, 2026 | Jun 30, 2025 | Jun 30, 2024 | Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Economic profit1 | 2,839,499) | 1,891,337) | 1,430,975) | 1,709,408) | 1,813,067) | 744,167) | |
| Revenues | 13,579,476) | 12,156,162) | 9,812,247) | 10,496,056) | 9,211,883) | 6,918,734) | |
| Add: Increase (decrease) in deferred system and service revenue | 61,450) | (68,553) | 537,235) | 237,683) | 339,621) | 1,648) | |
| Adjusted revenues | 13,640,926) | 12,087,609) | 10,349,482) | 10,733,739) | 9,551,504) | 6,920,382) | |
| Performance Ratio | |||||||
| Economic profit margin2 | 20.82% | 15.65% | 13.83% | 15.93% | 18.98% | 10.75% | |
| Benchmarks | |||||||
| Economic Profit Margin, Competitors3 | |||||||
| Advanced Micro Devices Inc. | — | -38.19% | -62.53% | -74.32% | -71.26% | 10.49% | |
| Analog Devices Inc. | — | -46.01% | -65.44% | -36.21% | -42.90% | -94.37% | |
| Applied Materials Inc. | — | 12.11% | 7.09% | 8.83% | 13.37% | 11.89% | |
| Broadcom Inc. | — | -7.02% | -28.45% | 8.44% | 6.68% | -13.34% | |
| Intel Corp. | — | -41.31% | -52.23% | -33.86% | -18.50% | 3.85% | |
| Lam Research Corp. | 9.13% | 9.96% | -3.26% | 1.89% | 12.68% | 10.09% | |
| Marvell Technology Inc. | -20.64% | -82.24% | -92.17% | -75.41% | -111.94% | -82.30% | |
| Micron Technology Inc. | 40.59% | -23.96% | -55.62% | -130.14% | -18.25% | -25.63% | |
| NVIDIA Corp. | 41.70% | 42.44% | 31.17% | -12.92% | 17.34% | 4.95% | |
| Qualcomm Inc. | — | 8.77% | 6.04% | 0.13% | 17.71% | 14.45% | |
| Texas Instruments Inc. | — | 3.86% | 4.51% | 15.89% | 28.85% | 28.21% | |
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 Economic profit. See details »
2 2026 Calculation
Economic profit margin = 100 × Economic profit ÷ Adjusted revenues
= 100 × 2,839,499 ÷ 13,640,926 = 20.82%
3 Click competitor name to see calculations.
The financial trajectory between 2021 and 2026 indicates a general expansion in both absolute economic profit and adjusted revenues, characterized by a period of volatility between 2022 and 2024 followed by strong recovery. Economic profit grew from 744,167 thousand USD in 2021 to a projected 2,839,499 thousand USD by 2026, reflecting substantial value creation exceeding the cost of capital over the analyzed period.
- Revenue Growth and Scale
- Adjusted revenues demonstrate a consistent upward trend, increasing from 6,920,382 thousand USD in 2021 to 13,640,926 thousand USD by 2026. A marginal contraction was observed in 2024, with revenues dipping to 10,349,482 thousand USD from 10,733,739 thousand USD in the previous year, before resuming an aggressive growth path in 2025 and 2026.
- Economic Profit Volatility
- Economic profit experienced a sharp increase in 2022, rising to 1,813,067 thousand USD. This was followed by a two-year downward trend, reaching a local minimum of 1,430,975 thousand USD in 2024. A significant recovery is noted in the subsequent years, with profit accelerating to its peak of 2,839,499 thousand USD in 2026.
- Economic Profit Margin Analysis
- The economic profit margin exhibited fluctuations that mirror the volatility of absolute economic profit. After an initial rise from 10.75% in 2021 to 18.98% in 2022, the margin compressed for two consecutive years, reaching 13.83% in 2024. This suggests a temporary decrease in the efficiency of value generation relative to revenue. However, a strong expansion is evident toward the end of the period, with the margin reaching a maximum of 20.82% in 2026, indicating improved operational efficiency and higher value capture per unit of revenue.
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