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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
36.16 (As of Today)

As of today, KLA-Tencor Corp's current share price is $104.51. KLA-Tencor Corp's E10 for the quarter that ended in Mar. 2017 was $2.89. KLA-Tencor Corp's Shiller P/E Ratio for today is 36.16.

KLAC' s Shiller PE Ratio Range Over the Past 10 Years
Min: 11.12   Max: 46.55
Current: 36.16

11.12
46.55

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 27.89.

KLAC's Shiller PE Ratio is ranked higher than
71% of the 98 Companies
in the Global Semiconductor Equipment & Materials industry.

( Industry Median: 9999.00 vs. KLAC: 36.16 )

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 Mar. 2017 was $1.610. Add all the adjusted EPS for the past 10 years together and divide 10 will get our E10, which is $2.89 for the trailing ten years ended in Mar. 2017.


Definition

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
=104.51/2.89
=36.16

* 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 Mar. 2017 was:

Adj_EPS=Earnigns per Share/CPI of Mar. 2017 (Change)*Current CPI (Mar. 2017)
=1.61/243.985*243.985
=1.610

Current CPI (Mar. 2017) = 243.985.

KLA-Tencor Corp Quarterly Data

201412201503201506201509201512201603201606201609201612201703
per share eps 0.1200.8100.8800.6600.9801.1201.7301.1301.5201.610
CPI 234.812236.119238.638237.945236.525238.132241.018241.428241.432243.985
Adj_EPS 0.1250.8370.9000.6771.0111.1481.7511.1421.5361.610
201206201209201212201303201306201309201312201403201406201409
per share eps 1.4500.8000.6300.9800.8000.6600.8301.2100.7700.430
CPI 229.478231.407229.601232.773233.504234.149233.049236.293238.343238.031
Adj_EPS 1.5420.8430.6691.0270.8360.6880.8691.2490.7880.441
200912201003201006201009201012201103201106201109201112201203
per share eps 0.1300.3300.6600.9101.0901.2201.4301.1300.6601.210
CPI 215.949217.631217.965218.439219.179223.467225.722226.889225.672229.392
Adj_EPS 0.1470.3700.7391.0161.2131.3321.5461.2150.7141.287
200706200709200712200803200806200809200812200903200906200909
per share eps 0.7400.4600.4500.6100.4300.110-2.570-0.490-0.1500.120
CPI 208.352208.490210.036213.528218.815218.783210.228212.709215.693215.969
Adj_EPS 0.8670.5380.5230.6970.4790.123-2.983-0.562-0.1700.136

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


Explanation

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

Jun07Jun08Jun09Jun10Jun11Jun12Jun13Jun14Jun15Jun16
ShillerPE 41.3827.4522.4225.5425.9625.9925.6229.5723.3627.54

KLA-Tencor Corp Quarterly Data

Dec14Mar15Jun15Sep15Dec15Mar16Jun16Sep16Dec16Mar17
ShillerPE 30.3524.8523.3620.7928.2328.9727.5425.8827.9132.90
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