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).
Paying user area
Try for free
KLA Corp. pages available for free this week:
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to KLA Corp. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Historical Valuation Ratios (Summary)
KLA Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30).
- Price to Earnings (P/E) Ratio
- The P/E ratio demonstrates notable fluctuations throughout the observed periods. Initially, it peaked at 33.15 at the end of 2020, followed by a gradual decline reaching its lowest at 13.89 in September 2022. Subsequently, an upward trend emerges, with the ratio rising sharply to 37.49 by September 2025. This pattern suggests varying investor sentiment and changes in earnings performance, possibly reflecting cyclical business conditions or market revaluations over the analyzed timeline.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio follows a similar general trajectory to the P/E ratio. Early values were high, peaking around 26.27 at the end of 2020, then decreasing steadily to 11.55 in September 2022. Following this, the ratio rises again to reach 31.81 by September 2025. The oscillations mirror shifts in operating profitability relative to the share price, indicating variations in operational efficiency or market expectations about future profitability.
- Price to Sales (P/S) Ratio
- This ratio displays a comparable cyclical pattern with an initial high range between 7.46 and 7.8 through early 2021, dipping to a low of 4.62 by September 2022. Thereafter, a pronounced upward movement occurs, peaking at 12.68 by September 2025. The elevated P/S levels towards the end of the period may imply increased market valuation of the company’s revenue or anticipated future growth prospects.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio exhibits significant volatility, with an exceptional spike to 40.05 in June 2022, contrasting prior more stable values ranging roughly between 11.09 and 15.98. After this spike, the ratio remains elevated relative to initial levels, fluctuating between approximately 19.77 and 31.86 through September 2025. This volatility could indicate marked changes in investor valuation of the company's net assets or extraordinary events affecting book value or investor perceptions during the mid-period followed by sustained higher valuation levels.
Price to Earnings (P/E)
KLA Corp., historical P/E calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net income attributable to KLA (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. | ||||||||||||||||||||||||||||
| Lam Research Corp. | ||||||||||||||||||||||||||||
| Micron Technology Inc. | ||||||||||||||||||||||||||||
| NVIDIA Corp. | ||||||||||||||||||||||||||||
| Qualcomm Inc. | ||||||||||||||||||||||||||||
| Texas Instruments Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
EPS
= (Net income attributable to KLAQ1 2026
+ Net income attributable to KLAQ4 2025
+ Net income attributable to KLAQ3 2025
+ Net income attributable to KLAQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of KLA Corp. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrates a general upward trajectory over the periods considered, moving from $197.18 to $1208.74. Notable volatility is evident, with periods of significant gains followed by declines. For example, the price rose sharply from $197.18 in September 2020 to $366.65 by December 2021, then experienced fluctuations between $319.26 and $496.47 through mid-2023. A pronounced increase occurred from late 2023, with the share price peaking at $1208.74 by September 2025. This pattern suggests strong investor confidence overall, tempered by intervals of market correction or sector-specific factors affecting valuation.
- Earnings Per Share (EPS) Trend
- EPS exhibits steady growth throughout the examined timeframe, increasing from $8.36 in September 2020 to $32.25 by September 2025. The growth appears mostly consistent, with EPS rising notably between March 2021 ($12.11) and December 2022 ($25.57). While some minor fluctuations occur, such as a slight decline toward late 2023 and early 2024, the overall trend aligns with improving profitability and operational performance over time.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio reveals considerable variability across the periods, reflecting shifts in the market's valuation relative to earnings. Initially, the ratio climbed from 23.59 in September 2020 to a peak of 33.15 by December 2020, then fluctuated downward to values around 13.89 in September 2022, indicating periods when earnings growth outpaced share price increases. From late 2022 through mid-2023, the P/E ratio rose again, reaching near 29.95 by December 2023, and continued upward to a peak of 37.49 in September 2025. These fluctuations suggest changing market sentiment and differing investor expectations regarding growth prospects or risk assessments at various times.
- Overall Insights
- The financial data reveals a strong growth pattern in earnings, contributing to the appreciation of share price over the period analyzed. However, the variability in the P/E ratio indicates that market valuation has not been consistently aligned with earnings improvements, possibly reflecting investor responses to external economic conditions, sector cycles, or company-specific developments. The substantial increase in share price especially in later periods accompanied by a high P/E ratio suggests heightened market optimism and potential premium pricing related to future growth expectations.
Price to Operating Profit (P/OP)
KLA Corp., historical P/OP calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Income from operations (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. | ||||||||||||||||||||||||||||
| Lam Research Corp. | ||||||||||||||||||||||||||||
| Micron Technology Inc. | ||||||||||||||||||||||||||||
| NVIDIA Corp. | ||||||||||||||||||||||||||||
| Qualcomm Inc. | ||||||||||||||||||||||||||||
| Texas Instruments Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
Operating profit per share
= (Income from operationsQ1 2026
+ Income from operationsQ4 2025
+ Income from operationsQ3 2025
+ Income from operationsQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of KLA Corp. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price demonstrated significant volatility and an overall upward trajectory throughout the analyzed periods. Starting at $197.18 in September 2020, it rose sharply to surpass $350 by mid-2021, fluctuated moderately, and peaked near $506 in mid-2023. Subsequently, the price showed substantial growth, reaching over $1,200 by September 2025. This strong appreciation toward the end of the period indicates increasing market confidence or positive company developments.
- Operating Profit Per Share (OPPS) Trends
- Operating profit per share exhibited consistent growth from $10.48 in September 2020 to $38.00 in September 2025. The growth was gradual but steady, with occasional slight declines around late 2023 and early 2024. Overall, the upward trend indicates improving operational efficiency or profitability on a per-share basis across the examined timeframe.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio varied considerably during the period. Initially, it was relatively high at 26.27 in December 2020, then trended downward to its lowest point around 11.55 in September 2022, signaling a period when the share price was relatively undervalued compared to operating profit. Thereafter, the ratio increased again, reaching levels above 30 by September 2025. This pattern suggests market valuation fluctuated independently of operating profit per share, potentially reflecting varying investor sentiment, market conditions, or expectations regarding future growth.
- Relationship Between Share Price and Operating Profit
- While both share price and operating profit per share grew over time, their growth rates and timing differed. Operating profit per share showed a steadier, incremental increase, whereas the share price experienced more pronounced volatility with rapid increases and declines. The divergence in the P/OP ratio underlines that the market’s valuation of operating profit was not consistent and likely influenced by external factors beyond fundamental profitability.
- Overall Insights
- The financial metrics indicate a fundamentally improving profitability profile, as evidenced by the steady rise in operating profit per share. However, market valuations as reflected by the share price and P/OP ratio experienced greater fluctuations. The combination of rising operating profits and an increasing share price, especially notable toward the end of the period, suggests heightened investor optimism or expectations of sustained growth. The variability in valuation multiples points to periods of changing market sentiment or reassessment of risk and growth prospects.
Price to Sales (P/S)
KLA Corp., historical P/S calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | ||||||||||||||||||||||||||||
| Lam Research Corp. | ||||||||||||||||||||||||||||
| Micron Technology Inc. | ||||||||||||||||||||||||||||
| NVIDIA Corp. | ||||||||||||||||||||||||||||
| Qualcomm Inc. | ||||||||||||||||||||||||||||
| Texas Instruments Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
Sales per share
= (RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025
+ RevenuesQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of KLA Corp. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in the key metrics of the company over the observed periods.
- Share Price
- The share price demonstrates a strong upward trajectory overall, starting from $197.18 in September 2020 and reaching $1208.74 by September 2025. There are periods of volatility; notably, after peaking near $366.65 in December 2021, the price declined to a low around $319.26 in March 2022. However, this was followed by a recovery and consistent increases, with substantial acceleration after December 2022, culminating in a significant rise above $900 from mid-2025 onward. The data suggests renewed investor confidence and a positive market outlook in the latter periods.
- Sales per Share
- Sales per share steadily increase across the whole timeline, moving from $38.40 in September 2020 to $95.32 in September 2025. The growth is relatively smooth, reflecting strong underlying operational performance. Although slight declines are observed in some quarters—such as a dip from $77.46 in March 2023 to $74.81 in September 2023—the general pattern indicates consistent revenue growth per share, reinforcing the company's business strength.
- Price-to-Sales (P/S) Ratio
- The P/S ratio exhibits more variation and reflects changes in market valuation relative to sales. Initially, it rises quickly from 5.13 in September 2020 to around 7.8 by June 2021 before declining to near 4.62 by September 2022, indicating a temporary moderation in valuation multiples despite increasing sales. Following this, there is a significant upward trend, with the ratio reaching an elevated level of 12.68 by September 2025. This suggests heightened investor expectations and possibly premium valuation driven by growth prospects or improved profitability.
In summary, the data highlights a company experiencing robust sales growth per share coupled with accelerating share price appreciation. The increasing P/S ratio in later periods points to growing market optimism and premium valuation, despite occasional short-term fluctuations. Overall, the trends reflect strong financial performance and positive market sentiment through the five-year span.
Price to Book Value (P/BV)
KLA Corp., historical P/BV calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Total KLA 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. | ||||||||||||||||||||||||||||
| Lam Research Corp. | ||||||||||||||||||||||||||||
| Micron Technology Inc. | ||||||||||||||||||||||||||||
| NVIDIA Corp. | ||||||||||||||||||||||||||||
| Qualcomm Inc. | ||||||||||||||||||||||||||||
| Texas Instruments Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
BVPS = Total KLA stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of KLA Corp. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrated significant fluctuations over the observed periods. Initially, it increased steadily from $197.18 in late September 2020 to a peak of $366.65 by December 2021. Subsequently, there was a decline reaching $319.26 by March 2022, followed by sharp volatility. The price surged notably to $496.47 by June 2023, continued rising with some variability, and experienced an impressive increase to $1,208.74 by September 2025. Overall, the trend reflects a strong long-term upward movement with intermittent corrections.
- Book Value per Share (BVPS) Trend
- BVPS showed a gradual upward trend from $17.79 in September 2020 to $27.34 in March 2022, suggesting consistent growth in net asset value per share. However, a marked drop occurred in June 2022 to $9.88, which likely indicates a significant event such as a revaluation, write-down, or data anomaly. After this dip, BVPS resumed a steady increase, reaching $37.94 by September 2025, reflecting ongoing asset growth or earnings retention enhancing shareholder equity.
- Price-to-Book Value Ratio (P/BV) Dynamics
- The P/BV ratio was initially high, ranging around 11 to 16 during 2020-2021, suggesting investor valuation at a premium over book value. There was a pronounced spike to 40.05 in June 2022, coinciding with the BVPS dip, indicating that the share price remained relatively high while book value dropped. After this spike, the ratio declined but stayed elevated between approximately 19 and 32 over the subsequent periods until September 2025. This sustained high P/BV ratio suggests strong investor confidence and market expectations exceeding the underlying book value growth.
- Overall Analysis
- The data indicate robust investor optimism and sustained share price appreciation over nearly five years. The notable anomaly in mid-2022 with a sharp BVPS decline and simultaneous surge in the P/BV ratio signals a material financial event warranting further investigation. Despite this, the company appears to have recovered, with both book value and share price continuing to grow. The consistently high P/BV ratios imply market valuation significantly above book value, consistent with growth expectations or intangible asset valuation.