Latest Ratios: P/E Ratio 76.8x · EV/EBITDA 57.1x · ROE 100.8%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $304.8B | $119.8B | $112.3B | $68.0B | $48.4B | $50.4B | $30.7B | $18.6B | $16.1B | $14.4B | $11.5B |
| Enterprise Value | $308.8B | $123.8B | $117.1B | $72.1B | $53.6B | $52.5B | $33.1B | $21.0B | $17.0B | $16.2B | $13.4B |
| P/E Ratio → | 76.82 | 29.49 | 40.66 | 20.08 | 14.56 | 24.25 | 25.26 | 15.78 | 20.10 | 15.56 | 16.33 |
| P/S Ratio | 25.07 | 9.86 | 11.44 | 6.48 | 5.25 | 7.28 | 5.29 | 4.06 | 4.00 | 4.14 | 3.85 |
| P/B Ratio | 66.50 | 25.53 | 33.34 | 23.29 | 34.57 | 14.93 | 11.46 | 6.93 | 9.95 | 10.86 | 16.68 |
| P/FCF | 81.45 | 32.02 | 37.04 | 20.44 | 16.09 | 25.80 | 18.90 | 18.15 | 13.88 | 13.84 | 15.79 |
| P/OCF | 74.66 | 29.35 | 33.94 | 18.53 | 14.60 | 23.06 | 17.28 | 16.09 | 13.12 | 13.35 | 15.13 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 10.18 | 11.94 | 6.87 | 5.81 | 7.59 | 5.69 | 4.59 | 4.20 | 4.65 | 4.50 |
| EV / EBITDA | 57.09 | 22.89 | 29.01 | 16.36 | 13.33 | 18.61 | 15.69 | 12.92 | 10.60 | 12.19 | 13.08 |
| EV / EBIT | 61.58 | 25.03 | 33.45 | 17.66 | 14.67 | 20.85 | 22.39 | 14.75 | 10.80 | 12.49 | 13.70 |
| EV / FCF | — | 33.09 | 38.64 | 21.68 | 17.82 | 26.88 | 20.33 | 20.50 | 14.60 | 15.55 | 18.46 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 60.9% | 60.9% | 60.0% | 59.8% | 61.0% | 59.9% | 57.8% | 59.1% | 64.1% | 63.0% | 61.0% |
| Operating Margin | 41.2% | 41.2% | 37.1% | 38.1% | 39.7% | 36.0% | 30.3% | 30.4% | 38.1% | 36.7% | 32.2% |
| Net Profit Margin | 33.4% | 33.4% | 28.1% | 32.3% | 36.1% | 30.0% | 21.0% | 25.7% | 19.9% | 26.6% | 23.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 100.8% | 100.8% | 87.8% | 156.9% | 139.1% | 68.6% | 45.4% | 54.7% | 54.4% | 91.9% | 126.9% |
| ROA | 25.8% | 25.8% | 18.7% | 25.4% | 29.1% | 21.3% | 13.3% | 16.1% | 14.4% | 17.6% | 14.4% |
| ROIC | 44.5% | 44.5% | 35.7% | 43.9% | 45.4% | 35.5% | 26.1% | 27.6% | 41.5% | 33.3% | 26.6% |
| ROCE | 44.1% | 44.1% | 34.5% | 39.8% | 40.8% | 31.6% | 23.7% | 23.9% | 35.6% | 31.1% | 24.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.30 | 1.30 | 2.02 | 2.08 | 4.84 | 1.05 | 1.33 | 1.28 | 1.38 | 2.21 | 4.44 |
| Debt / EBITDA | 1.13 | 1.13 | 1.69 | 1.37 | 1.69 | 1.26 | 1.69 | 2.11 | 1.40 | 2.21 | 2.98 |
| Net Debt / Equity | — | 0.85 | 1.44 | 1.42 | 3.71 | 0.63 | 0.87 | 0.90 | 0.51 | 1.34 | 2.83 |
| Net Debt / EBITDA | 0.74 | 0.74 | 1.20 | 0.94 | 1.29 | 0.75 | 1.11 | 1.48 | 0.52 | 1.34 | 1.90 |
| Debt / FCF | — | 1.07 | 1.60 | 1.24 | 1.73 | 1.08 | 1.44 | 2.36 | 0.72 | 1.71 | 2.68 |
| Interest Coverage | 16.37 | 16.37 | 11.25 | 13.76 | 22.76 | 16.00 | 9.22 | 11.40 | 13.73 | 10.59 | 7.98 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.62 | 2.62 | 2.15 | 2.24 | 2.50 | 2.71 | 2.78 | 2.44 | 3.73 | 3.40 | 3.86 |
| Quick Ratio | 1.83 | 1.83 | 1.50 | 1.47 | 1.75 | 1.96 | 2.01 | 1.73 | 2.97 | 2.83 | 3.16 |
| Cash Ratio | 1.10 | 1.10 | 0.97 | 0.87 | 0.94 | 1.19 | 1.17 | 0.98 | 2.36 | 2.33 | 2.49 |
| Asset Turnover | — | 0.76 | 0.64 | 0.75 | 0.73 | 0.67 | 0.63 | 0.51 | 0.72 | 0.63 | 0.60 |
| Inventory Turnover | 1.48 | 1.48 | 1.29 | 1.47 | 1.67 | 1.76 | 1.87 | 1.48 | 1.55 | 1.76 | 1.67 |
| Days Sales Outstanding | — | 73.07 | 74.57 | 67.30 | 79.89 | 77.31 | 79.46 | 86.61 | 58.92 | 59.90 | 77.22 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.3% | 0.8% | 0.7% | 1.1% | 1.3% | 1.1% | 1.7% | 2.5% | 2.5% | 2.4% | 3.0% |
| Payout Ratio | 22.3% | 22.3% | 28.0% | 21.6% | 19.2% | 26.9% | 42.9% | 40.2% | 50.1% | 37.1% | 49.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.3% | 3.4% | 2.5% | 5.0% | 6.9% | 4.1% | 4.0% | 6.3% | 5.0% | 6.4% | 6.1% |
| FCF Yield | 1.2% | 3.1% | 2.7% | 4.9% | 6.2% | 3.9% | 5.3% | 5.5% | 7.2% | 7.2% | 6.3% |
| Buyback Yield | 0.7% | 1.8% | 1.5% | 1.9% | 10.1% | 1.9% | 2.7% | 5.9% | 1.3% | 0.2% | 1.6% |
| Total Shareholder Yield | 1.0% | 2.5% | 2.2% | 3.0% | 11.4% | 3.0% | 4.4% | 8.4% | 3.8% | 2.6% | 4.6% |
| Shares Outstanding | — | $1.3B | $1.4B | $1.4B | $1.5B | $1.6B | $1.6B | $1.6B | $1.6B | $1.6B | $1.6B |
Geopolitical export control exposure
According to current market data, KLAC trades at a forward P/E of 67.07, a valuation multiple that appears to price in sustained leadership in sub-nanometer inspection, though it remains notably lower than the multiples commanded by pure-play lithography peers like ASML or high-growth testing specialists.
The current valuation suggests investors are paying a significant premium for the company's role as a critical enabler of advanced node transitions. While the PEG ratio of 2.59 indicates that the market expects robust earnings growth, the valuation may be sensitive to any deceleration in foundry capital expenditure cycles.
Based on reported financial statements, KLAC has maintained a stable ROIC trend, with the most recent 2026Q3 figure of 10.8% reflecting the company's ability to generate consistent returns on its substantial R&D investments despite the increasing capital intensity of the semiconductor manufacturing environment.
The stability in ROIC suggests that management is successfully deploying capital into high-margin diagnostic tools that remain essential for chipmakers. Investors should monitor whether this return profile can be sustained as the company expands into adjacent, potentially lower-margin markets like PCB and display inspection.
As reported in recent quarterly filings, KLAC's cash conversion cycle has extended to 257 days in 2026Q3, a trend largely driven by elevated inventory levels that warrant further investigation into potential supply chain bottlenecks or shifts in product mix toward more complex, longer-lead-time diagnostic systems.
The significant increase in days inventory outstanding suggests that the company is carrying more stock to mitigate potential supply disruptions or to support the ramp-up of new tool generations. This working capital intensity acts as a drag on cash flow efficiency, distinguishing it from peers with leaner inventory models.
Based on the provided balance sheet data, KLAC’s current ratio has improved to 3.03 in 2026Q3, providing a substantial liquidity buffer that appears well-positioned to withstand potential cyclical downturns or sudden shifts in the semiconductor capital expenditure environment that could impact short-term cash inflows.
The strength of the current and quick ratios indicates a conservative approach to liquidity management, which is prudent given the company's exposure to lumpy revenue recognition milestones. This liquidity position provides management with significant flexibility to continue its capital return program even during periods of operational volatility.
Market participants often misapply unit-volume growth metrics to KLAC, failing to recognize that the company's revenue is more closely tied to semiconductor complexity and inspection intensity than to the total number of wafers processed by the global foundry industry.
Using wafer-start volume as a primary proxy for KLAC's growth obscures the company's unique value proposition as a 'tax' on technological advancement. Analysts should instead focus on 'inspection intensity' per node, as this metric better captures the structural tailwinds driving the company's long-term earnings potential.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying KLAC stock.
KLA Corporation's current P/E ratio is 76.8x. The historical average is 37.4x. This places it at the 86th percentile of its historical range.
KLA Corporation's current EV/EBITDA is 57.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.9x.
KLA Corporation's return on equity (ROE) is 100.8%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 39.3%.
Based on historical data, KLA Corporation is trading at a P/E of 76.8x. This is at the 86th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
KLA Corporation's current dividend yield is 0.29% with a payout ratio of 22.3%.
KLA Corporation has 60.9% gross margin and 41.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
KLA Corporation's Debt/EBITDA ratio is 1.1x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.