Explain this page
Arphra AIPlain-English read on KLA Corporation’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +59.93% | +61.00% | +59.81% | +59.97% | +62.32% | +62.14% | +60.41% | +62.19% | +61.97% |
| Operating margin | +35.97% | +39.67% | +38.06% | +37.05% | +43.11% | +40.23% | +38.67% | +38.38% | +39.10% |
| EBITDA margin | +41.21% | +43.56% | +42.89% | +39.78% | +43.93% | +41.42% | +42.63% | +41.37% | +42.45% |
| EBIT margin | +36.39% | +39.62% | +38.93% | +35.68% | +40.69% | +38.03% | +38.12% | +37.92% | +38.11% |
| Pre-tax margin | +34.12% | +37.88% | +36.10% | +32.51% | +38.21% | +35.73% | +35.78% | +34.68% | +34.72% |
| Net margin | +30.04% | +36.06% | +32.27% | +28.15% | +33.41% | +32.17% | +30.34% | +31.39% | +31.97% |
| Cost structure | |||||||||
| Cost of revenue / sales | +40.07% | +39.00% | +40.19% | +40.03% | +37.68% | +38.68% | +38.91% | +38.28% | +38.13% |
| R&D intensity | +13.42% | +12.00% | +12.35% | +13.03% | +11.15% | +12.42% | +12.16% | +12.53% | +12.06% |
| SG&A intensity | +10.55% | +9.34% | +9.40% | +9.88% | +8.05% | +9.05% | +8.90% | +9.21% | +8.94% |
| Effective tax rate | +11.99% | +4.79% | +10.60% | +13.42% | +12.55% | +11.89% | +12.19% | +12.68% | +12.41% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +61.57% | +237.43% | +116.01% | +82.00% | +86.56% | +94.52% | +90.92% | +92.89% | +97.24% |
| Return on assets (ROA) | +20.23% | +26.37% | +24.07% | +17.90% | +25.28% | +22.69% | +21.10% | +22.74% | +23.19% |
| Return on capital (ROC) | +35.95% | +44.71% | +44.47% | +35.69% | +48.61% | +43.04% | +41.94% | +41.01% | +42.41% |
| Return on invested capital (ROIC) | +30.03% | +40.64% | +37.71% | +27.11% | +37.68% | +34.42% | +32.91% | +33.55% | +34.68% |
| Asset turnover | +67.36% | +73.13% | +74.59% | +63.58% | +75.65% | +70.53% | +69.52% | +72.43% | +72.52% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +30.04% | +36.06% | +32.27% | +28.15% | +33.41% | +32.17% | +30.34% | +31.39% | +31.97% |
| Asset turnover (× revenue / assets) | +67.36% | +73.13% | +74.59% | +63.58% | +75.65% | +70.53% | +69.52% | +72.43% | +72.52% |
| Equity multiplier (× assets / equity) | +304.27% | +900.38% | +481.97% | +458.20% | +342.42% | +416.57% | +430.97% | +408.54% | +419.36% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.67 | 0.73 | 0.75 | 0.64 | 0.76 | 0.71 | 0.70 | 0.72 | 0.73 |
| Fixed-asset turnover | 9.03 | 9.43 | 8.46 | 7.31 | 9.70 | — | — | — | — |
| Inventory turnover | 1.76 | 1.67 | 1.47 | 1.29 | 1.43 | — | — | — | — |
| Receivables turnover | 4.72 | 4.57 | 5.42 | 4.89 | 4.99 | — | — | — | — |
| Payables turnover | 8.10 | 8.10 | 11.37 | 10.93 | 9.99 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 77.31 | 79.89 | 67.30 | 74.57 | 73.07 | — | — | — | — |
| Days inventory outstanding (DIO) | 207.42 | 218.13 | 248.92 | 281.99 | 255.93 | — | — | — | — |
| Days payables outstanding (DPO) | 45.04 | 45.04 | 32.10 | 33.40 | 36.53 | — | — | — | — |
| Cash conversion cycle | 239.69 | 252.98 | 284.12 | 323.16 | 292.48 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.05 | 1.00 | 1.08 | 1.20 | 1.00 | 1.09 | 1.11 | 1.06 | 1.07 |
| FCF / Net income | 0.94 | 0.90 | 0.98 | 1.10 | 0.92 | 0.94 | 1.03 | 1.00 | 0.98 |
| FCF margin | +28.23% | +32.63% | +31.71% | +30.89% | +30.78% | +30.30% | +31.24% | +31.48% | +31.36% |
| OCF margin | +31.58% | +35.96% | +34.96% | +33.72% | +33.58% | +34.93% | +33.67% | +33.15% | +34.31% |
| CapEx / Revenue | +3.35% | +3.34% | +3.25% | +2.83% | +2.80% | +2.98% | +3.01% | +2.95% | +2.89% |
| CapEx / D&A | 0.69 | 0.85 | 0.82 | 0.69 | 0.86 | — | — | — | — |
| Stock-based comp / Revenue | +1.62% | +1.38% | +1.63% | +2.17% | +2.18% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 13.37 | 21.92 | 24.15 | 20.28 | 30.37 | 37.04 | 50.25 | 60.23 | 64.75 |
| EPS · basic | 13.49 | 22.07 | 24.28 | 20.41 | 30.53 | 36.71 | 50.42 | 60.40 | 65.90 |
| Book value / share | 21.72 | 9.23 | 20.82 | 24.73 | 35.08 | 34.65 | 42.76 | 49.13 | 51.51 |
| Tangible BV / share | 1.15 | -13.96 | -2.10 | 5.02 | 18.36 | 34.65 | 42.76 | 49.13 | 51.51 |
| Sales / share | 44.51 | 60.78 | 74.85 | 72.05 | 90.89 | 101.80 | 128.12 | 145.38 | 156.64 |
| Operating CF / share | 14.06 | 21.86 | 26.17 | 24.29 | 30.52 | 35.56 | 43.13 | 48.19 | 53.74 |
| Free cash flow / share | 12.57 | 19.83 | 23.73 | 22.26 | 27.98 | 30.84 | 40.02 | 45.76 | 49.12 |
| Dividends / share | 3.60 | 4.21 | 5.22 | 5.68 | 6.76 | 7.45 | 9.47 | 10.80 | 11.69 |
| Payout ratio | +26.91% | +19.22% | +21.63% | +27.99% | +22.27% | +22.76% | +24.35% | +23.66% | +23.35% |
| Retention ratio | +73.09% | +80.78% | +78.37% | +72.01% | +77.73% | +77.24% | +75.65% | +76.34% | +76.65% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +33.14% | +13.94% | -6.51% | +23.89% | +11.21% | +26.39% | +14.11% | +8.20% | +14.95% |
| Gross profit · YoY | — | +35.52% | +11.71% | -6.27% | +28.74% | +10.90% | +22.88% | +17.47% | +7.82% | +15.43% |
| Profit | ||||||||||
| Operating income · YoY | — | +46.84% | +9.32% | -8.99% | +44.16% | +3.76% | +21.49% | +13.25% | +10.24% | +16.16% |
| EBITDA · YoY | — | +40.75% | +12.17% | -13.29% | +36.84% | +4.85% | +30.08% | +10.74% | +11.01% | +15.38% |
| Net income · YoY | — | +59.83% | +1.97% | -18.46% | +47.06% | +7.08% | +19.22% | +18.05% | +10.20% | +15.85% |
| Operating | ||||||||||
| EBIT · YoY | — | +44.95% | +11.96% | -14.31% | +41.28% | +3.95% | +26.69% | +13.48% | +8.75% | +15.62% |
| R&D · YoY | — | +19.04% | +17.32% | -1.37% | +5.95% | +23.94% | +23.68% | +17.59% | +4.16% | +13.43% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +63.95% | +10.17% | -16.02% | +49.75% | +21.96% | +35.68% | +19.85% | +7.51% | +21.80% |
| EPS · basic · YoY | — | +63.60% | +10.01% | -15.94% | +49.58% | +20.24% | +37.35% | +19.78% | +9.12% | +21.93% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $3.55B | $6.77B | $6.06B | $6.82B | $6.09B | $8.03B | $10.05B | $11.66B | $12.52B |
| Net debt | $2.11B | $5.19B | $4.14B | $4.84B | $4.01B | $5.52B | $6.8B | $8.05B | $8.63B |
| Net debt / EBITDA | 0.74 | 1.29 | 0.92 | 1.24 | 0.75 | 0.99 | 0.93 | 1.00 | 0.96 |
| Debt / equity | 1.05 | 4.84 | 2.08 | 2.02 | 1.30 | 1.75 | 1.76 | 1.77 | 1.80 |
| Debt / assets | +34.52% | +53.78% | +43.09% | +44.19% | +37.89% | +41.91% | +40.89% | +43.30% | +43.02% |
| Equity / assets | +32.87% | +11.11% | +20.75% | +21.82% | +29.20% | +24.01% | +23.20% | +24.48% | +23.85% |
| Coverage | |||||||||
| EBITDA / interest expense | 18.12 | 25.03 | 15.16 | 12.54 | 17.67 | 14.30 | 14.72 | 14.69 | 15.41 |
| Operating income / interest | 15.82 | 22.79 | 13.45 | 11.68 | 17.34 | 13.88 | 13.35 | 13.62 | 14.19 |
| Interest expense | $157.33M | $160.34M | $296.94M | $311.25M | $302.17M | $391.69M | $494.98M | $549.21M | $581.25M |
| Liquidity | |||||||||
| Current ratio | 2.71 | 2.50 | 2.24 | 2.15 | 2.62 | — | — | — | — |
| Quick ratio | 1.88 | 1.65 | 1.38 | 1.40 | 1.70 | — | — | — | — |
| Cash ratio | 0.68 | 0.55 | 0.52 | 0.42 | 0.51 | — | — | — | — |
| Working capital | $3.59B | $4.3B | $4.63B | $5.37B | $6.61B | — | — | — | — |
| Working capital / revenue | +51.93% | +46.66% | +44.10% | +54.73% | +54.40% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).