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GuruFocus has detected 4 Warning Signs with KLA-Tencor Corp $KLAC.
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KLA-Tencor Corp (NAS:KLAC)
Shiller PE Ratio
33.92 (As of Today)

As of today, KLA-Tencor Corp's current share price is $95.65. KLA-Tencor Corp's E10 for the quarter that ended in Dec. 2016 was $2.82. KLA-Tencor Corp's Shiller P/E Ratio for today is 33.92.

KLAC' s Shiller PE Ratio Range Over the Past 10 Years
Min: 11.12   Max: 46.55
Current: 33.94


During the past 13 years, KLA-Tencor Corp's highest Shiller P/E Ratio was 46.55. The lowest was 11.12. And the median was 27.61.

KLAC's Shiller PE Ratio is ranked higher than
71% of the 103 Companies
in the Global Semiconductor Equipment & Materials industry.

( Industry Median: 9999.00 vs. KLAC: 33.94 )

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller P/E calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years.

KLA-Tencor Corp's adjusted earnings per share data for the three months ended in Dec. 2016 was $1.520. Add all the adjusted EPS for the past 10 years together and divide 10 will get our E10, which is $2.82 for the trailing ten years ended in Dec. 2016.


For the Shiller P/E, the earnings of the past 10 years are inflation-adjusted and averaged. The result is used for P/E calculation. Since it looks at the average over the last 10 years, the Shiller P/E is also called PE10.

The Shiller P/E was first used by professor Robert Shiller to measure the valuation of the overall market. The same calculation is applied here to individual companies.

KLA-Tencor Corp's Shiller P/E Ratio for today is calculated as

Shiller P/E Ratio=Share Price/E10

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

KLA-Tencor Corp's E10 for the fiscal year that ended in Jun16 is calculated as:

For example, KLA-Tencor Corp's adjusted earnings per share data for the three months ended in Dec. 2016 was:

Adj_EPS=Earnigns per Share/CPI of Dec. 2016 (Change)*Current CPI (Dec. 2016)

Current CPI (Dec. 2016) = 241.432.

KLA-Tencor Corp Quarterly Data

per share eps 0.4300.1200.8100.8800.6600.9801.1201.7301.1301.520
CPI 238.031234.812236.119238.638237.945236.525238.132241.018241.428241.432
Adj_EPS 0.4360.1230.8280.8900.6701.0001.1361.7331.1301.520
per share eps 1.2101.4500.8000.6300.9800.8000.6600.8301.2100.770
CPI 229.392229.478231.407229.601232.773233.504234.149233.049236.293238.343
Adj_EPS 1.2741.5260.8350.6621.0160.8270.6810.8601.2360.780
per share eps 0.1200.1300.3300.6600.9101.0901.2201.4301.1300.660
CPI 215.969215.949217.631217.965218.439219.179223.467225.722226.889225.672
Adj_EPS 0.1340.1450.3660.7311.0061.2011.3181.5301.2020.706
per share eps 0.7600.7400.4600.4500.6100.4300.110-2.570-0.490-0.150
CPI 205.352208.352208.490210.036213.528218.815218.783210.228212.709215.693
Adj_EPS 0.8940.8570.5330.5170.6900.4740.121-2.951-0.556-0.168

Add all the adjusted EPS together and divide 10 will get our E10.


Compared with the regular P/E ratio, which works poorly for cyclical businesses, the Shiller P/E smoothed out the fluctuations of profit margins during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Shiller P/E should give similar results to regular P/E.

Compared with the P/S ratio, the Shiller P/E makes the comparison between different industries more meaningful.

Be Aware

The Shiller P/E assumes that over the long term, businesses and profitability revert to their means. If a company’s business model does not work in the future compared with the past, the Shiller P/E and P/S ratio will give false valuations.

Related Terms

P/E Ratio, P/B Ratio, P/S Ratio, Price-to-Free-Cash-Flow ratio, E10

Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

KLA-Tencor Corp Annual Data

ShillerPE 41.4027.4622.4325.5525.9826.0125.4129.6023.3827.57

KLA-Tencor Corp Quarterly Data

ShillerPE 32.8130.3824.8723.3820.8128.2528.7227.5725.9127.94
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