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-K (reporting date: 2026-06-30), 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).
A comprehensive analysis of the valuation ratios reveals a distinct trend of multiple expansion beginning in late 2022 and accelerating through mid-2026. Following a period of valuation contraction that bottomed out in September 2022, there is a sustained upward trajectory across all key metrics, suggesting a significant increase in market premiums attributed to the company's earnings, sales, and assets.
- Price to Earnings (P/E) and Price to Operating Profit (P/OP)
- The P/E ratio demonstrates a volatile but strongly bullish trend over the observed period. After declining from 19.76 in September 2021 to a low of 13.89 in September 2022, the ratio entered a phase of aggressive growth, peaking at 52.26 by June 2026. This trajectory is closely mirrored by the P/OP ratio, which fell from 19.37 to 11.55 in the same initial period before climbing to 44.60. The tight correlation between these two metrics indicates that the valuation expansion is consistently applied across both net and operating income levels.
- Price to Sales (P/S)
- The P/S ratio reflects a substantial increase in the valuation of revenue. The metric reached a trough of 4.62 in September 2022 before escalating to 18.59 by June 2026. This represents a nearly four-fold increase from the low point, signaling a significant shift in market sentiment regarding the value of each dollar of sales generated.
- Price to Book Value (P/BV)
- The P/BV ratio shows the most irregular pattern, characterized by a sharp spike to 40.04 in June 2022 before normalizing into a range between 19.77 and 30.73 for several quarters. However, starting in late 2024, a renewed upward trend is observed, with the ratio climbing to 39.76 by June 2026. The persistently high P/BV ratios indicate that the market assigns a premium value to the company far exceeding its accounting book value.
The synchronization of the upward movements in P/E, P/OP, and P/S from 2023 onward suggests a broad-based re-rating of the company's valuation. The transition from a low-multiple environment in 2022 to a high-multiple environment by 2026 indicates an increasing market expectation for future growth or a significant decrease in perceived risk.
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Price to Earnings (P/E)
KLA Corp., historical P/E calculation (quarterly data)
| Jun 30, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,306,546,783 | 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 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Net income attributable to KLA (in thousands) | 1,363,059) | 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) | ||||||
| Earnings per share (EPS)2 | 3.70 | 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 | ||||||
| Share price1, 3 | 193.22 | 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 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/E ratio4 | 52.26 | 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 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | — | 122.31 | 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. | — | 43.74 | 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 | ||||||
| Applied Materials Inc. | — | 42.49 | 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 | ||||||
| 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 | ||||||
| Intel Corp. | — | — | — | — | — | 897.15 | — | — | — | — | 94.20 | 33.38 | 109.27 | — | — | — | 14.54 | 9.02 | 7.80 | 7.24 | ||||||
| Lam Research Corp. | 53.62 | 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 | ||||||
| Marvell Technology Inc. | 29.61 | 34.35 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Micron Technology Inc. | — | 27.16 | 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 | ||||||
| NVIDIA Corp. | 39.58 | 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. | — | 17.65 | 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 | ||||||
| Texas Instruments Inc. | — | — | 42.19 | 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-K (reporting date: 2026-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q4 2026 Calculation
EPS
= (Net income attributable to KLAQ4 2026
+ Net income attributable to KLAQ3 2026
+ Net income attributable to KLAQ2 2026
+ Net income attributable to KLAQ1 2026)
÷ No. shares of common stock outstanding
= (1,363,059,000 + 1,200,990,000 + 1,145,682,000 + 1,121,040,000)
÷ 1,306,546,783 = 3.70
3 Closing price as at the filing date of KLA Corp. Quarterly or Annual Report.
4 Q4 2026 Calculation
P/E ratio = Share price ÷ EPS
= 193.22 ÷ 3.70 = 52.26
5 Click competitor name to see calculations.
The analysis reveals a significant expansion in valuation multiples over the observed period, characterized by an aggressive increase in share price that substantially outpaced the growth of earnings per share.
- Share Price Trajectory
- The share price exhibited moderate volatility between September 2021 and December 2022, fluctuating between a low of $31.93 and a high of $39.94. A sustained upward trend commenced in 2023, with the price accelerating from $59.94 in December 2023 to a peak of $193.22 by June 2026.
- Earnings Per Share (EPS) Performance
- EPS showed a growth pattern from $1.80 in September 2021 to a local peak of $2.56 in late 2022 and early 2023. A period of contraction followed throughout 2023, reaching a trough of $1.94 in March 2024, before entering a consistent recovery phase to finish at $3.70 by June 2026.
- Price-to-Earnings (P/E) Ratio Trends
- The P/E ratio experienced an initial compression, reaching its lowest point of 13.89 in September 2022. A pivot occurred in late 2023, triggering a sharp expansion phase. The ratio rose from 29.95 in December 2023 to 52.26 by June 2026, reflecting a substantial increase in the market premium attributed to the stock.
- Valuation Correlation and Insights
- A divergence between price and earnings is observable in the latter half of the timeframe. While EPS grew approximately 105% from the start to the end of the period, the share price increased by approximately 443%. This indicates that the valuation growth is primarily driven by multiple expansion rather than commensurate earnings growth, suggesting heightened investor expectations for future performance.
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Price to Operating Profit (P/OP)
KLA Corp., historical P/OP calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,306,546,783 | 1,306,275,210 | 1,310,766,110 | 1,313,923,380 | 1,319,613,700 | 1,322,414,300 | 1,328,867,460 | 1,337,597,780 | 1,344,250,220 | 1,346,399,510 | 1,352,336,510 | 1,359,323,160 | 1,367,200,740 | 1,371,989,020 | 1,384,797,640 | 1,417,183,270 | 1,418,037,760 | 1,492,350,490 | 1,507,153,430 | 1,516,221,650 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Income from operations (in thousands) | 1,553,948) | 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) | ||||||
| Operating profit per share2 | 4.33 | 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 | ||||||
| Share price1, 3 | 193.22 | 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 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/OP ratio4 | 44.60 | 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 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | — | 121.29 | 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. | — | 36.65 | 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 | ||||||
| Applied Materials Inc. | — | 43.08 | 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 | ||||||
| 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 | ||||||
| Intel Corp. | — | — | — | — | — | — | — | — | — | — | — | 275.84 | 1,984.43 | — | — | — | 49.91 | 14.19 | 10.76 | 8.87 | ||||||
| Lam Research Corp. | 47.51 | 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 | ||||||
| Marvell Technology Inc. | 59.77 | 73.66 | 582.17 | — | — | — | — | — | — | — | — | — | 147.29 | 153.02 | 388.12 | — | — | — | — | — | ||||||
| Micron Technology Inc. | — | 23.13 | 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 | ||||||
| NVIDIA Corp. | 36.45 | 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. | — | 16.00 | 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 | ||||||
| Texas Instruments Inc. | — | — | 35.20 | 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-K (reporting date: 2026-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q4 2026 Calculation
Operating profit per share
= (Income from operationsQ4 2026
+ Income from operationsQ3 2026
+ Income from operationsQ2 2026
+ Income from operationsQ1 2026)
÷ No. shares of common stock outstanding
= (1,553,948,000 + 1,407,509,000 + 1,362,146,000 + 1,337,177,000)
÷ 1,306,546,783 = 4.33
3 Closing price as at the filing date of KLA Corp. Quarterly or Annual Report.
4 Q4 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 metrics exhibit three distinct phases: an initial contraction, a period of volatility and recovery, and a subsequent phase of rapid expansion. While operating profit per share demonstrates a generally positive trajectory over the long term, the share price has grown at a disproportionately higher rate, leading to a significant expansion in the Price to Operating Profit (P/OP) multiple.
- Share Price Trajectory
- The share price experienced moderate fluctuations between September 2021 and December 2022, maintaining a range between 31.93 and 39.94. Starting in 2023, a sustained upward trend emerged, with the price breaking the 70.00 threshold by March 2024. This growth accelerated aggressively from June 2025 onward, culminating in a peak of 193.22 by June 2026, representing a substantial increase in market valuation.
- Operating Profitability Trends
- Operating profit per share showed consistent growth from 1.83 in September 2021 to a peak of 3.02 in early 2023. A period of contraction occurred between September 2023 and March 2024, where profits dipped to a low of 2.37. Following this trough, profitability resumed a steady climb, reaching 4.33 by June 2026. The growth in operating profit is linear and stable compared to the more volatile and exponential movement of the share price.
- P/OP Ratio Analysis
- The P/OP ratio initially declined from 19.37 to a period low of 11.55 in September 2022, indicating a phase where profit growth outpaced price appreciation or market sentiment cooled. A reversal occurred in late 2022, with the ratio climbing to 29.78 by March 2024. After a brief period of consolidation between 20.32 and 28.26 through early 2025, the ratio entered a steep ascent, ending at 44.60 in June 2026. This late-stage expansion suggests that the market is assigning a significantly higher premium to each unit of operating profit, likely reflecting heightened growth expectations or an expansion in valuation multiples.
Overall, the divergence between the linear growth of operating profits and the exponential rise in share price has resulted in a marked increase in the P/OP ratio. The shift from a low of 11.55 to a high of 44.60 indicates a fundamental change in how the market values the company's operating efficiency, transitioning from a value-oriented multiple to a high-growth valuation premium.
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Price to Sales (P/S)
KLA Corp., historical P/S calculation (quarterly data)
| Jun 30, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,306,546,783 | 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 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Revenues (in thousands) | 3,657,556) | 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) | ||||||
| Sales per share2 | 10.39 | 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 | ||||||
| Share price1, 3 | 193.22 | 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 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/S ratio4 | 18.59 | 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 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | — | 19.05 | 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. | — | 13.03 | 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 | ||||||
| Applied Materials Inc. | — | 12.77 | 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 | ||||||
| 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 | ||||||
| Intel Corp. | — | — | 8.16 | 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. | 16.77 | 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 | ||||||
| Marvell Technology Inc. | 9.65 | 10.90 | 7.49 | 7.98 | 10.49 | 19.02 | 12.51 | 11.14 | 10.63 | 8.30 | 8.22 | 9.72 | 5.92 | 6.53 | 7.75 | 10.18 | 12.40 | 18.01 | 14.62 | 13.28 | ||||||
| Micron Technology Inc. | — | 15.18 | 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 | ||||||
| NVIDIA Corp. | 22.01 | 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. | — | 3.71 | 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 | ||||||
| Texas Instruments Inc. | — | — | 13.13 | 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-K (reporting date: 2026-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q4 2026 Calculation
Sales per share
= (RevenuesQ4 2026
+ RevenuesQ3 2026
+ RevenuesQ2 2026
+ RevenuesQ1 2026)
÷ No. shares of common stock outstanding
= (3,657,556,000 + 3,415,078,000 + 3,297,146,000 + 3,209,696,000)
÷ 1,306,546,783 = 10.39
3 Closing price as at the filing date of KLA Corp. Quarterly or Annual Report.
4 Q4 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 193.22 ÷ 10.39 = 18.59
5 Click competitor name to see calculations.
The valuation trajectory of the common stock exhibits a significant expansion in the Price to Sales (P/S) multiple over the analyzed period. While both the share price and sales per share trended upward, the growth in market valuation substantially outpaced the growth in revenue per share, particularly in the final six quarters of the data set.
- Price to Sales (P/S) Ratio Evolution
- The P/S ratio experienced an initial period of compression, declining from 7.22 in September 2021 to a low of 4.62 by September 2022. This was followed by a recovery phase where the ratio climbed back to 9.91 by March 2024. Following a brief period of consolidation between June 2024 and March 2025, the ratio entered an aggressive expansion phase, accelerating from 7.74 in December 2024 to a peak of 18.59 by June 2026.
- Share Price Dynamics
- A strong bullish trend is evident in the share price, which rose from 35.53 in September 2021 to 193.22 in June 2026. The most pronounced acceleration occurred after March 2025, with the price increasing from 67.63 to 193.22 within fifteen months, representing a sharp increase in market capitalization.
- Sales per Share Performance
- Revenue growth per share remained consistent and linear throughout the period. Sales per share grew from 4.92 in September 2021 to 10.39 in June 2026. Because the growth in sales per share was steady and incremental, the volatility and eventual surge in the P/S ratio are attributable primarily to the rapid appreciation of the share price rather than fluctuations in underlying revenue.
- Valuation Analysis
- The widening gap between the share price and sales per share indicates a significant shift in market sentiment. The transition from a P/S ratio of 4.62 in late 2022 to 18.59 in mid-2026 suggests that the market began assigning a substantially higher premium to each dollar of revenue generated by the entity.
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Price to Book Value (P/BV)
KLA Corp., historical P/BV calculation (quarterly data)
| Jun 30, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,306,546,783 | 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 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Total KLA stockholders’ equity (in thousands) | 6,349,820) | 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) | ||||||
| Book value per share (BVPS)2 | 4.86 | 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 | ||||||
| Share price1, 3 | 193.22 | 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 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/BV ratio4 | 39.76 | 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 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | — | 11.71 | 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. | — | 5.39 | 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 | ||||||
| Applied Materials Inc. | — | 15.37 | 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 | ||||||
| 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 | ||||||
| Intel Corp. | — | — | 5.32 | 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. | 31.24 | 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 | ||||||
| Marvell Technology Inc. | 5.53 | 6.05 | 4.04 | 3.90 | 4.51 | 7.64 | 4.65 | 4.11 | 3.95 | 3.00 | 3.00 | 3.64 | 2.24 | 2.45 | 2.75 | 3.34 | 3.52 | 4.50 | 3.43 | 2.78 | ||||||
| Micron Technology Inc. | — | 13.61 | 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 | ||||||
| NVIDIA Corp. | 30.21 | 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. | — | 5.91 | 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 | ||||||
| Texas Instruments Inc. | — | — | 14.18 | 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-K (reporting date: 2026-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q4 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. Quarterly or Annual Report.
4 Q4 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 193.22 ÷ 4.86 = 39.76
5 Click competitor name to see calculations.
The valuation profile exhibits a pronounced upward trajectory in market pricing, resulting in a significant expansion of the price-to-book multiple over the analyzed period. Although both the market price and the underlying book value increased, the rate of price appreciation substantially outpaced the growth of equity per share, leading to a higher valuation premium.
- Share Price Performance
- A consistent long-term increase is observed, with the share price rising from 35.53 in September 2021 to 193.22 by June 2026. The growth remained relatively moderate until December 2023, after which a period of accelerated appreciation occurred, particularly during the final year of the sequence.
- Book Value per Share (BVPS) Trajectory
- The book value per share demonstrates an overall positive trend, growing from 2.55 to 4.86. A significant anomaly is noted in June 2022, where BVPS contracted sharply to 0.99. Following this event, BVPS entered a period of steady, uninterrupted quarterly growth through June 2026.
- P/BV Ratio Dynamics
- The P/BV ratio experienced significant volatility and a general upward shift. An initial period of relative stability (11.68 to 13.95) was interrupted by a peak of 40.04 in June 2022, which was driven by the temporary collapse in book value. After a correction back to the 19.00 to 23.00 range in 2023, the ratio entered a secondary expansion phase, climbing steadily to reach 39.76 by June 2026.
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