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
- Cash Flow Statement
- Analysis of Profitability Ratios
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2015
- Return on Equity (ROE) since 2015
- Total Asset Turnover since 2015
- Analysis of Debt
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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).
- Price to Earnings Ratio (P/E)
- The P/E ratio exhibits an overall upward trend over the observed period, beginning at 22.47 in the first quarter of 2019 and rising to a peak of 177.05 by the final quarter of 2022. There are notable spikes in late 2020 and throughout 2021, with values exceeding 100 in several quarters, indicating increased market expectations or valuation relative to earnings. After peaking in December 2020, the ratio experiences fluctuations but maintains elevated levels above 70, showing sustained investor optimism or possibly lower earnings growth relative to price increases.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio follows a pattern similar to the P/E ratio, beginning at 19.89 in early 2019 and escalating sharply to 116.5 by the end of 2020. This is followed by a period of oscillation, with values generally remaining high but lower than the peak, including a decline to around 62.75 and subsequent fluctuations into the range of 66 to 99.95 by the end of 2022. This trend suggests increasing valuation premiums relative to operating profits, with intermittent volatility possibly linked to changes in operating performance or market sentiment.
- Price to Sales Ratio (P/S)
- The P/S ratio rises substantially from 2.52 in the first quarter of 2019 to a peak of 11.38 at the end of 2020. After this peak, the ratio declines and stabilizes near the 5 to 7 range from early 2021 through the end of 2022. This pattern indicates the market initially valued the company's sales growth highly but then adjusted expectations, leading to a valuation normalization relative to sales figures. The decrease after 2020 suggests a moderation in revenue-driven valuation expansion.
- Price to Book Value Ratio (P/BV)
- The P/BV ratio increased from 4.02 in early 2019 to a high of 15.3 at the end of 2020, reflecting a significant appreciation in market valuation relative to the company's book value. Subsequently, there is a downward trend with fluctuations that bring the ratio down to a range between approximately 6.86 and 9.92 by the end of 2022. This indicates that market valuation relative to net asset value moderated after its peak but remained above earlier period levels, suggesting sustained investor confidence in the company's asset base despite valuation compression.
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 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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).
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.
The financial data reveals several notable trends in the company's share price, earnings per share (EPS), and price-to-earnings (P/E) ratio across quarterly periods from the first quarter of 2019 through the fourth quarter of 2022.
- Share Price
- The share price exhibited considerable volatility and an overall upward trend during the observed period. Beginning at $53.01 in March 2019, it rose sharply through 2019 and 2020, reaching a peak near $322 in December 2020. Despite some fluctuations in 2021, including a decline towards the end of the year, prices remained well above 2019 levels. Throughout 2022, the share price fluctuated within a range roughly between $250 and $310, showing some variability but maintaining a relatively elevated level compared to earlier years.
- Earnings Per Share (EPS)
- EPS demonstrated growth from early 2019, moving from $2.36 to a peak around $3.46 in mid-2020. Thereafter, EPS exhibited a general declining trend with minor fluctuations, dropping from $3.2 in December 2021 to $1.67 by December 2022. This trend reflects a decrease in profitability per share in the latter part of the period, despite earlier increases.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio started at a moderate level of 22.47 in March 2019 but increased substantially over the subsequent quarters, coinciding with rising share prices and fluctuating EPS. It peaked dramatically in December 2020 at 118.36, reflecting a very high market valuation relative to earnings. This elevated valuation persisted into 2021 and 2022, with the ratio consistently exceeding 70 and ultimately reaching a high of 177.05 by the end of 2022. The increasing P/E ratios alongside declining EPS suggest growing market optimism or expectations despite the weakening earnings performance.
In summary, the data indicates strong momentum in share price not fully supported by corresponding increases in earnings. The rising P/E ratios signify that the market valuation grew disproportionately compared to earnings, potentially reflecting investor confidence in future growth or other qualitative factors. The decline in EPS during the final year suggests emerging challenges in sustaining profitability, which may warrant closer monitoring moving forward.
Price to Operating Profit (P/OP)
SolarEdge Technologies Inc., historical P/OP calculation (quarterly data)
| Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| 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).
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 analysis of the quarterly financial data reveals distinct trends in the share price, operating profit per share, and the price-to-operating profit ratio over the observed periods.
- Share Price
- The share price shows significant volatility with an overall upward trend between early 2019 and late 2022. The price started at $53.01 in March 2019, peaking at $321.99 in December 2020, representing a substantial increase. Subsequently, the share price experienced fluctuations, including a notable decline in December 2021 to $246.07, followed by a rebound to $295.71 by December 2022. This pattern indicates periods of strong market optimism, followed by partial corrections and recoveries.
- Operating Profit Per Share (OPPS)
- Operating profit per share initially increased from $2.66 in March 2019 to a high of $4.63 in March 2020, indicating improved profitability during this period. Following this peak, the OPPS declined steadily, especially noticeable in the fourth quarter of 2020 at $2.76 and again in December 2022 to $2.96. Despite partial recoveries in some quarters, the overall trend post-March 2020 shows a moderate contraction in operating profit per share.
- Price-to-Operating Profit Ratio (P/OP)
- The P/OP ratio exhibits substantial fluctuations, reflecting the relationship between share price and operating profitability. It started at 19.89 in March 2019, escalated sharply to 116.5 in December 2020, aligning with the peak in share price and a decline in operating profit. The ratio remained elevated above 60 thereafter, indicating that the market price consistently outpaced earnings from operating profit. Peaks and dips in this ratio correspond to shifts in share price and OPPS, demonstrating periods when market valuations were likely driven by expectations beyond current profitability.
Overall, the data suggest a pronounced increase in market valuation during 2019 and 2020 with share prices rising faster than operating profits, resulting in expanding P/OP ratios. Post-2020, the share price shows volatility with intermittent recovery phases, while operating profitability contracts moderately. The relatively high P/OP ratios in the latter periods may imply optimistic investor sentiment or expectations of future growth not fully captured by operating profit measures.
Price to Sales (P/S)
SolarEdge Technologies Inc., historical P/S calculation (quarterly data)
| Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| 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).
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.
- Share Price Trend
- The share price exhibited significant volatility across the observed periods. Beginning at $53.01 in March 2019, it experienced a general upward trajectory with notable peaks and troughs. A pronounced increase occurred between June 2020 and December 2020, reaching a peak of $321.99. Following this peak, the price fluctuated, reaching $352.99 in September 2021, then declining again to $246.07 by December 2021. The price showed recovery thereafter, closing near $295.71 at the end of 2022.
- Sales Per Share Evolution
- Sales per share consistently increased over the entire period. Starting at $21.02 in March 2019, there was a steady rise with minor variations, culminating in a value of $55.40 by December 2022. This represents more than a doubling of sales per share over almost four years, indicating growth in underlying revenue or operational scale relative to share count.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio demonstrated an upward trend with marked fluctuations, reflecting changes in market valuation relative to sales per share. Initially at 2.52 in March 2019, it climbed to a high of 11.38 in December 2020, coinciding with the peak in share price during that period. Subsequently, it decreased sharply to 6.62 by December 2021 but rebounded somewhat, ending at 5.34 by December 2022. The elevated P/S ratios during late 2020 and 2021 suggest periods of investor optimism or market overvaluation relative to sales.
- Overall Observations
- The data indicates sustained growth in sales per share, signaling improving operational performance or sales scale. However, the share price and P/S ratio exhibited high volatility, with significant surges in late 2020 followed by corrections. This pattern implies that market sentiment and valuation multiples were influenced by factors beyond underlying sales metrics, possibly reflecting investor expectations or sector-specific dynamics. Despite fluctuations, the company maintained a higher valuation relative to sales compared to the starting period, consistent with continued favorable market views on its prospects.
Price to Book Value (P/BV)
SolarEdge Technologies Inc., historical P/BV calculation (quarterly data)
| Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| 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).
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 demonstrated significant volatility over the analyzed periods. Starting at $53.01 in March 2019, the price increased steadily to peak at $125.95 by December 2019. A notable surge occurred in 2020, with the price reaching an all-time high of $321.99 in December 2020. Subsequently, the price experienced fluctuations, declining to $218.57 by March 2021, followed by periods of recovery and decline, culminating in $295.71 by the end of December 2022.
- Book Value per Share (BVPS) Trend
- The book value per share showed a consistent upward trend throughout the period. Starting from $13.17 in March 2019, BVPS increased steadily quarter-over-quarter, reaching $21.05 by December 2020. This upward trajectory continued through 2021 and 2022, culminating at $38.76 by December 2022, indicating ongoing asset base growth and retained earnings accumulation.
- Price to Book Value (P/BV) Ratio Analysis
- The P/BV ratio exhibited considerable fluctuation, reflecting varying market valuations relative to the company's book value. Initially at 4.02 in March 2019, the ratio climbed sharply, peaking at 15.3 in December 2020, coinciding with the peak share price and steadily increasing book value. Following this peak, the ratio declined gradually to 6.86 by September 2022 before a slight increase to 7.63 at year-end, indicating a moderation in market valuation relative to book value despite continued growth in BVPS.
- Overall Insights
- The data suggests strong market sentiment volatility alongside stable company asset growth. The sharp rises and falls in share price and P/BV ratio emphasize external market factors or investor sentiment impacting valuation, while the steady increase in BVPS reflects consistent internal financial strengthening. The divergence between market price fluctuations and stable book value growth may warrant further investigation into external influences affecting share price.