Financials KLA Corporation

Equities

KLAC

US4824801009

Semiconductor Equipment & Testing

Real-time Estimate Cboe BZX Other stock markets 10:02:02 2024-06-07 am EDT			5-day change	1st Jan Change
780.2 ^USD	+0.12%		+2.34%	+33.72%

12:39pm	Raymond James Adjusts Price Target on KLA to $875 From $750, Keeps Outperform Rating	MT
Jun. 06	Transcript : KLA Corporation Presents at BofA Securities 2024 Global Technology Conference, Jun-06-2024 10:40 AM

Valuation

Fiscal Period: Giugno	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	19,104	30,154	49,695	47,618	66,544	104,920	-	-
Enterprise Value (EV) ¹	20,788	31,643	50,644	51,571	69,192	106,700	106,345	105,578
P/E ratio	15.8 x	25.3 x	24.2 x	14.6 x	20.1 x	39.3 x	28.7 x	24.5 x
Yield	2.54%	1.7%	1.11%	1.32%	-	0.73%	0.79%	0.82%
Capitalization / Revenue	4.18 x	5.19 x	7.18 x	5.17 x	6.34 x	10.7 x	9.42 x	8.46 x
EV / Revenue	4.55 x	5.45 x	7.32 x	5.6 x	6.59 x	10.9 x	9.55 x	8.51 x
EV / EBITDA	11.3 x	13.4 x	16.7 x	12.1 x	14.7 x	25.5 x	21.4 x	18.8 x
EV / FCF	20.3 x	19.5 x	25.9 x	17.2 x	20.8 x	36 x	29 x	25 x
FCF Yield	4.92%	5.14%	3.86%	5.83%	4.81%	2.78%	3.45%	3.99%
Price to Book	6.98 x	11.4 x	14.7 x	32.3 x	-	32.4 x	23.9 x	18.4 x
Nbr of stocks (in thousands)	161,620	155,049	153,282	149,235	137,199	134,640	-	-
Reference price ²	118.2	194.5	324.2	319.1	485.0	779.3	779.3	779.3
Announcement Date	8/5/19	8/3/20	7/29/21	7/28/22	7/27/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Giugno	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,569	5,806	6,919	9,212	10,496	9,766	11,141	12,401
EBITDA ¹	1,839	2,364	3,038	4,262	4,717	4,185	4,974	5,621
EBIT ¹	1,606	2,016	2,705	3,899	4,302	3,849	4,618	5,272
Operating Margin	35.15%	34.72%	39.1%	42.32%	40.98%	39.41%	41.45%	42.51%
Earnings before Tax (EBT) ¹	1,296	1,317	2,360	3,489	3,789	3,201	4,112	4,776
Net income ¹	1,176	1,217	2,078	3,322	3,387	2,727	3,717	4,294
Net margin	25.73%	20.96%	30.04%	36.06%	32.27%	27.92%	33.36%	34.62%
EPS ²	7.490	7.700	13.37	21.92	24.15	19.84	27.19	31.84
Free Cash Flow ¹	1,022	1,626	1,953	3,005	3,328	2,965	3,664	4,216
FCF margin	22.37%	28.01%	28.23%	32.63%	31.71%	30.36%	32.89%	34%
FCF Conversion (EBITDA)	55.58%	68.79%	64.29%	70.52%	70.56%	70.85%	73.66%	75%
FCF Conversion (Net income)	86.94%	133.65%	93.99%	90.47%	98.26%	108.75%	98.58%	98.19%
Dividend per Share ²	3.000	3.300	3.600	4.200	-	5.691	6.137	6.390
Announcement Date	8/5/19	8/3/20	7/29/21	7/28/22	7/27/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	2,353	2,289	2,487	2,724	2,984	2,433	2,355	2,397	2,487	2,360	2,520	2,625	2,755	2,821	2,921
EBITDA ¹	1,106	1,049	1,143	1,304	1,369	1,050	1,002	1,065	1,331	966.7	1,082	1,137	1,215	1,260	1,293
EBIT ¹	1,020	957.3	1,042	1,202	1,266	944.7	896.9	962.4	1,013	867.5	1,006	1,062	1,139	1,177	1,224
Operating Margin	43.37%	41.83%	41.89%	44.13%	42.42%	38.84%	38.08%	40.15%	40.73%	36.76%	39.92%	40.47%	41.32%	41.72%	41.9%
Earnings before Tax (EBT) ¹	926.9	846.3	949.7	1,070	1,143	800.7	775.5	851.7	691.3	702	943.7	968.7	1,041	1,079	1,097
Net income ¹	717.4	730.6	805.4	1,026	978.8	697.8	684.7	741.4	582.5	601.5	777.1	841.1	919.8	954.7	995.7
Net margin	30.5%	31.92%	32.39%	37.66%	32.8%	28.69%	29.07%	30.93%	23.43%	25.49%	30.83%	32.04%	33.38%	33.85%	34.09%
EPS ²	4.710	4.830	5.400	7.200	6.890	5.030	4.970	5.410	4.280	4.430	5.729	6.236	6.773	7.077	7.447
Dividend per Share ²	1.050	1.050	1.300	1.300	1.300	1.300	-	1.450	-	-	1.431	1.462	1.469	1.471	1.471
Announcement Date	1/27/22	4/28/22	7/28/22	10/26/22	1/26/23	4/26/23	7/27/23	10/25/23	1/25/24	4/25/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,684	1,489	948	3,953	2,648	1,780	1,426	658
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.9157 x	0.6299 x	0.3121 x	0.9275 x	0.5613 x	0.4254 x	0.2866 x	0.1171 x
Free Cash Flow ¹	1,022	1,626	1,953	3,005	3,328	2,965	3,664	4,216
ROE (net income / shareholders' equity)	62.1%	61.4%	68.8%	134%	165%	96.3%	97.3%	99.8%
ROA (Net income/ Total Assets)	18.1%	13.3%	21.3%	25.4%	26.7%	21.7%	24.9%	26.3%
Assets ¹	6,483	9,144	9,776	13,055	12,696	12,588	14,957	16,319
Book Value Per Share ²	16.90	17.00	22.10	9.880	-	24.10	32.60	42.40
Cash Flow per Share ²	7.340	11.30	14.10	21.90	26.20	24.20	31.30	36.60
Capex ¹	130	153	232	307	342	292	350	386
Capex / Sales	2.86%	2.63%	3.35%	3.34%	3.25%	2.99%	3.14%	3.12%
Announcement Date	8/5/19	8/3/20	7/29/21	7/28/22	7/27/23	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for KLA Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

779.3 USD

Average target price

759.6 USD

Spread / Average Target

-2.52%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Semiconductor Testing Equipment & Service

	1st Jan change	Capi.
KLA CORPORATION	+34.05%	105B
ADVANTEST CORPORATION	+10.32%	25.79B
TERADYNE INC.	+31.98%	22.36B
LASERTEC CORPORATION	-2.61%	19.95B
TONGFU MICROELECTRONICS CO.,LTD	+1.99%	4.93B
TIANSHUI HUATIAN TECHNOLOGY CO., LTD.	-4.81%	3.59B
KING YUAN ELECTRONICS CO., LTD.	+5.30%	3.38B
HANGZHOU CHANGCHUAN TECHNOLOGY CO.,LTD	-21.56%	2.58B
TEST RESEARCH, INC.	+168.74%	1.23B
SIGURD MICROELECTRONICS CORPORATION	+24.23%	1.15B

Semiconductor Testing Equipment & Service