Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Income Statement
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Reportable Segments
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2015
- Return on Assets (ROA) since 2015
- Total Asset Turnover since 2015
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Historical Valuation Ratios (Summary)
SolarEdge Technologies Inc., historical price multiples (quarterly data)
Based on: 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibits a marked upward trend beginning in early 2019, rising from 15.5 in March 2019 to a peak of 127.09 by December 2021. Following this peak, the ratio declines but remains elevated, fluctuating between approximately 76.83 and 177.05 through the end of 2022. This suggests a significant increase in market valuation relative to earnings over the period, with heightened investor expectations or potentially reduced earnings levels influencing the ratio's amplification.
- Price to Operating Profit (P/OP) Ratio
- Similar to the P/E ratio, the P/OP ratio trends upward notably starting in early 2019. The ratio climbs from 14.32 in March 2019 to a maximum of 116.5 in December 2020, before experiencing some volatility but maintaining generally high levels around 60 to 100 in 2022. This pattern indicates increasing market valuation relative to operating profit, reflecting either elevated growth prospects priced into the stock or fluctuations in operating profitability.
- Price to Sales (P/S) Ratio
- The P/S ratio shows a consistent rising trend from early 2019, increasing from 2.13 in March 2019 to a peak of 11.38 in December 2020. After this peak, the ratio declines gradually but remains elevated compared to 2019 levels, stabilizing between 5.08 and 7.12 throughout 2022. This increase in price relative to sales points to rising market valuations possibly driven by strong sales growth or improving sales quality as perceived by investors.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio displays a more fluctuating pattern without a clear, sustained upward trend. Starting at 6.63 in March 2018, the ratio dips to around 3.2-4.0 by late 2018 and early 2019, then rises significantly to a high of 15.3 in December 2020. Thereafter, it declines to the 6.86-9.92 range through 2022. This volatility suggests changing market perceptions of the company's net asset value but without a strong directional trend as seen in other ratios.
Price to Earnings (P/E)
SolarEdge Technologies Inc., historical P/E calculation (quarterly data)
| Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Net income attributable to SolarEdge Technologies, Inc. (in thousands) | ||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | ||||||||||||||||||||||||||
| Analog Devices Inc. | ||||||||||||||||||||||||||
| Applied Materials Inc. | ||||||||||||||||||||||||||
| Broadcom Inc. | ||||||||||||||||||||||||||
| Intel Corp. | ||||||||||||||||||||||||||
| KLA Corp. | ||||||||||||||||||||||||||
| Lam Research Corp. | ||||||||||||||||||||||||||
| Micron Technology Inc. | ||||||||||||||||||||||||||
| NVIDIA Corp. | ||||||||||||||||||||||||||
| Qualcomm Inc. | ||||||||||||||||||||||||||
| Texas Instruments Inc. | ||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2022 Calculation
EPS
= (Net income attributable to SolarEdge Technologies, Inc.Q4 2022
+ Net income attributable to SolarEdge Technologies, Inc.Q3 2022
+ Net income attributable to SolarEdge Technologies, Inc.Q2 2022
+ Net income attributable to SolarEdge Technologies, Inc.Q1 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of SolarEdge Technologies Inc. Quarterly or Annual Report.
4 Q4 2022 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price showed substantial volatility over the reported periods. Initially, from March 2018 to December 2018, the price declined sharply from $64.85 down to $42.26. Subsequently, it reversed this trend and entered a growth phase, reaching a peak of $321.99 by December 2020. After this peak, the price experienced fluctuations but generally maintained a high level relative to earlier years, stabilizing around the $250 to $350 range through 2021 and 2022.
- Earnings Per Share (EPS) Trends
- EPS values were not reported until March 2019 and thereafter exhibit a fluctuating pattern. After debuting at $2.73 in March 2019, EPS demonstrated modest variability, peaking at $3.46 in September 2020. Post this peak, EPS showed a gentle decline punctuated by minor recoveries, ending at $1.67 in December 2022. This suggests some challenges in sustaining profitability growth in the latter periods.
- Price-to-Earnings (P/E) Ratio Trends
- The P/E ratio displayed a general upward trajectory, starting around 15.5 in March 2019 and soaring beyond 100 in multiple quarters between 2020 and 2022. This indicates a significant increase in share price relative to earnings, implying heightened investor expectations or market optimism that outpaced earnings growth. The P/E ratio reached an extreme high of 177.05 in December 2022, signaling potentially overvalued stock prices relative to current earnings.
- Combined Analysis
- The divergence between share price growth and EPS performance is evident, as share prices increased more rapidly and to a greater extent than earnings. This is highlighted by the rising P/E ratio, which may reflect increased market speculation, growth expectations, or other external factors unrelated to fundamental earnings improvements. The decreasing EPS trend in the latest periods paired with elevated P/E ratios could indicate growing risk or caution regarding sustainable profitability.
Price to Operating Profit (P/OP)
SolarEdge Technologies Inc., historical P/OP calculation (quarterly data)
| Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Operating income (in thousands) | ||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | ||||||||||||||||||||||||||
| Analog Devices Inc. | ||||||||||||||||||||||||||
| Applied Materials Inc. | ||||||||||||||||||||||||||
| Broadcom Inc. | ||||||||||||||||||||||||||
| Intel Corp. | ||||||||||||||||||||||||||
| KLA Corp. | ||||||||||||||||||||||||||
| Lam Research Corp. | ||||||||||||||||||||||||||
| Micron Technology Inc. | ||||||||||||||||||||||||||
| NVIDIA Corp. | ||||||||||||||||||||||||||
| Qualcomm Inc. | ||||||||||||||||||||||||||
| Texas Instruments Inc. | ||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2022 Calculation
Operating profit per share
= (Operating incomeQ4 2022
+ Operating incomeQ3 2022
+ Operating incomeQ2 2022
+ Operating incomeQ1 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of SolarEdge Technologies Inc. Quarterly or Annual Report.
4 Q4 2022 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The data reveals several notable trends in the financial performance and market valuation over the observed quarterly periods.
- Share Price
- The share price exhibited a declining trend initially from March 2018 through September 2018, dropping from $64.85 to $37.75. From late 2018 onwards, the price generally increased, peaking significantly in December 2020 at $321.99. After this peak, the share price showed some volatility but remained relatively high, fluctuating between approximately $218 and $353 through 2021 and early 2022. In the last two quarters of 2022, the share price retreated somewhat but remained above the levels seen prior to 2020.
- Operating Profit Per Share (OPPS)
- Operating profit per share data begins in March 2019 at $2.95 and shows small fluctuations over the analyzed period. Initial slight decreases occurred through mid-2021, with values dropping to a low of $2.29 in June 2021. Subsequently, OPPS recovered and generally stabilized around $3.5 to $3.9 in late 2021 and throughout 2022. The overall stability in operating profit per share contrasts with the higher volatility observed in the share price.
- Price to Operating Profit Ratio (P/OP)
- P/OP ratios from March 2019 indicate considerable volatility and generally rising valuations relative to operating profits. This ratio increased markedly from 14.32 up to a peak exceeding 116 in March 2021, signaling that the share price grew disproportionately compared to operating profits during this period. Post-peak, the ratio declined somewhat but remained elevated between 60 and 100 across 2021 and 2022, indicating continuing high market expectations despite some correction from the peak levels.
In summary, the share price experienced a significant appreciation from early 2019 through 2020 and 2021, accompanied by relatively stable operating profits per share. This dynamic produced a substantial increase in the price to operating profit ratio, reflecting heightened market valuation multiples. Although market valuations moderated from their peak, they remained high relative to earlier periods, suggesting continued strong investor confidence or expectations despite relatively steady operational profitability.
Price to Sales (P/S)
SolarEdge Technologies Inc., historical P/S calculation (quarterly data)
| Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Revenues (in thousands) | ||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | ||||||||||||||||||||||||||
| Analog Devices Inc. | ||||||||||||||||||||||||||
| Applied Materials Inc. | ||||||||||||||||||||||||||
| Broadcom Inc. | ||||||||||||||||||||||||||
| Intel Corp. | ||||||||||||||||||||||||||
| KLA Corp. | ||||||||||||||||||||||||||
| Lam Research Corp. | ||||||||||||||||||||||||||
| Micron Technology Inc. | ||||||||||||||||||||||||||
| NVIDIA Corp. | ||||||||||||||||||||||||||
| Qualcomm Inc. | ||||||||||||||||||||||||||
| Texas Instruments Inc. | ||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2022 Calculation
Sales per share
= (RevenuesQ4 2022
+ RevenuesQ3 2022
+ RevenuesQ2 2022
+ RevenuesQ1 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of SolarEdge Technologies Inc. Quarterly or Annual Report.
4 Q4 2022 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The share price exhibits notable volatility and an overall upward trend over the observed periods. Initially, the price declined from $64.85 at the end of March 2018 to a low of $37.75 in September 2018, indicating a reduction in market valuation during that timeframe. Subsequently, the price progressively increased, reaching a peak of $321.99 in December 2020. After this peak, fluctuations persisted, with prices falling to $218.57 by March 2021, then rising again to $352.99 by September 2021 before declining and stabilizing near $295.71 by the end of 2022.
Sales per share data, available from March 2019 onward, display a consistent and steady upward trend. The value increased from $19.83 in March 2019 to $55.40 in December 2022, reflecting continuous growth in revenue generated per share over the observed period. Notably, sales per share experienced incremental increases each quarter, demonstrating robust operational performance and possibly expanding market demand or product/service acceptance.
The price-to-sales (P/S) ratio shows considerable fluctuations throughout the periods with a general tendency to increase, reflecting changes in market expectations relative to sales performance. Starting at 2.13 in March 2019, the ratio rises and falls intermittently, peaking at 11.38 in December 2020. This peak suggests particularly high market valuation relative to sales at that point, potentially driven by investor optimism or expectations of accelerated growth. Following this, the P/S ratio decreases to about 5.08 by the end of 2022, indicating a moderation in valuation multiples despite continued sales growth.
- Share Price
- Demonstrated initial decline followed by strong growth with notable volatility and peaks around late 2020 and late 2021.
- Sales per Share
- Consistently increased throughout the periods, indicating steadily improving revenue performance per share without interruption.
- Price-to-Sales Ratio
- Experienced significant volatility, peaking prominently in late 2020, then declining and stabilizing at lower levels by the end of 2022, suggesting shifts in market valuation relative to revenue.
Price to Book Value (P/BV)
SolarEdge Technologies Inc., historical P/BV calculation (quarterly data)
| Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Total SolarEdge Technologies, Inc. stockholders’ equity (in thousands) | ||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | ||||||||||||||||||||||||||
| Analog Devices Inc. | ||||||||||||||||||||||||||
| Applied Materials Inc. | ||||||||||||||||||||||||||
| Broadcom Inc. | ||||||||||||||||||||||||||
| Intel Corp. | ||||||||||||||||||||||||||
| KLA Corp. | ||||||||||||||||||||||||||
| Lam Research Corp. | ||||||||||||||||||||||||||
| Micron Technology Inc. | ||||||||||||||||||||||||||
| NVIDIA Corp. | ||||||||||||||||||||||||||
| Qualcomm Inc. | ||||||||||||||||||||||||||
| Texas Instruments Inc. | ||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2022 Calculation
BVPS = Total SolarEdge Technologies, Inc. stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of SolarEdge Technologies Inc. Quarterly or Annual Report.
4 Q4 2022 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrates notable volatility over the period. Initially, it declines from $64.85 at the end of March 2018 to a low of $37.75 by September 2018. Following this, there is a recovery and steady upward trend, with several fluctuations, reaching a peak of $352.99 in September 2021. After this peak, the price declines somewhat in the subsequent quarters but remains elevated compared to earlier years, ending around $295.71 in December 2022.
- Book Value Per Share (BVPS) Trend
- The book value per share exhibits a consistent and steady increase throughout the analyzed period. Starting at $9.78 in March 2018, it rises approximately every quarter, reaching $38.76 by December 2022. This indicates ongoing accumulation of equity or increased net asset value per share over time.
- Price-to-Book Value (P/BV) Ratio Trend
- The P/BV ratio exhibits significant fluctuations, reflecting the divergent movements of share price and book value. From a high ratio of 6.63 in March 2018, it decreases to a low of 3.2 in September 2018, corresponding with the decline in share price. Subsequently, the ratio sharply increases, peaking at 15.3 in December 2020, indicating a substantial premium of market price over book value at that time. It declines again thereafter, exhibiting volatility with values ranging between approximately 6.86 and 14.93 up to December 2022, suggesting fluctuating market sentiment relative to the company’s net asset value.
- Overall Analysis
- The data reveals steady growth in intrinsic company value as reflected by BVPS, while market valuation as represented by share price and P/BV ratio shows greater volatility. Periods of share price acceleration, especially from mid-2020 to late-2021, drove the P/BV ratio to elevated levels, signaling possibly heightened investor optimism or speculative factors. The subsequent partial correction in share price and P/BV ratio suggests a normalization phase. The expanding book value per share supports the company's fundamental growth, despite the fluctuations in market pricing multiples.