Stock Analysis on Net
Stock Analysis on Net

Super Micro Computer Inc. (NASDAQ:SMCI)

$24.99

Price to Book Value (P/BV)
since 2007

Microsoft Excel

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Calculation

Super Micro Computer Inc., P/BV, long-term trends, calculation

Microsoft Excel

Based on: 10-K (reporting date: 2026-06-30), 10-K (reporting date: 2025-06-30), 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30), 10-K (reporting date: 2012-06-30), 10-K (reporting date: 2011-06-30), 10-K (reporting date: 2010-06-30), 10-K (reporting date: 2009-06-30), 10-K (reporting date: 2008-06-30), 10-K (reporting date: 2007-06-30).

1 US$

2 Data adjusted for splits and stock dividends.

3 Closing price as at the filing date of Super Micro Computer Inc. Annual Report.


The Price to Book Value (P/BV) ratio demonstrates three distinct phases: a prolonged period of relative stability from 2007 to 2021, a period of rapid valuation expansion peaking in 2023, and a subsequent normalization phase leading into 2026. Throughout the analyzed timeframe, there is a consistent upward trajectory in the Book Value per Share (BVPS), which grew from 0.38 US$ in 2007 to 22.04 US$ by August 2026.

Historical Valuation Stability (2007–2021)
For approximately fourteen years, the P/BV ratio remained within a narrow band, typically fluctuating between 1.21 and 2.56. During this era, the share price and the book value per share moved in relative tandem, indicating that the market valuation was closely tied to the company's net asset growth.
Rapid Expansion and Valuation Peak (2022–2023)
A significant decoupling occurred starting in 2022, as the share price accelerated at a rate far exceeding the growth of the book value. This trend culminated in August 2023, where the P/BV ratio reached a peak of 6.85. This spike reflects a period of intense market optimism or a rapid increase in perceived intangible value, as the share price rose to 25.52 US$ while the BVPS was only 3.73 US$.
Valuation Normalization and Asset Growth (2024–2026)
In the final period, a downward trend in the P/BV ratio is observed despite the share price remaining at historically high levels. By August 2026, the ratio compressed to 1.69. This compression is driven by a substantial surge in the book value per share, which rose from 9.13 US$ in February 2025 to 22.04 US$ by August 2026, effectively bringing the valuation back in line with historical norms.

Comparison to Competitors

Super Micro Computer Inc., P/BV, long-term trends, comparison to competitors

Microsoft Excel

Based on: 10-K (reporting date: 2026-06-30), 10-K (reporting date: 2025-06-30), 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30), 10-K (reporting date: 2012-06-30), 10-K (reporting date: 2011-06-30), 10-K (reporting date: 2010-06-30), 10-K (reporting date: 2009-06-30), 10-K (reporting date: 2008-06-30), 10-K (reporting date: 2007-06-30).


Comparison to Sector (Technology Hardware & Equipment)

Super Micro Computer Inc., P/BV, long-term trends, comparison to sector (technology hardware & equipment)

Microsoft Excel

Based on: 10-K (reporting date: 2026-06-30), 10-K (reporting date: 2025-06-30), 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30), 10-K (reporting date: 2012-06-30), 10-K (reporting date: 2011-06-30), 10-K (reporting date: 2010-06-30), 10-K (reporting date: 2009-06-30), 10-K (reporting date: 2008-06-30), 10-K (reporting date: 2007-06-30).


Comparison to Industry (Information Technology)

Super Micro Computer Inc., P/BV, long-term trends, comparison to industry (information technology)

Microsoft Excel

Based on: 10-K (reporting date: 2026-06-30), 10-K (reporting date: 2025-06-30), 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30), 10-K (reporting date: 2012-06-30), 10-K (reporting date: 2011-06-30), 10-K (reporting date: 2010-06-30), 10-K (reporting date: 2009-06-30), 10-K (reporting date: 2008-06-30), 10-K (reporting date: 2007-06-30).