Super Micro Computer Inc. (NASDAQ:SMCI)

The financial data reveals several notable trends and fluctuations in the company's share price, operating profit per share, and the price-to-operating profit (P/OP) ratio over the analyzed periods.

Share Price

The share price started at $0.84 in 2007 and showed moderate growth with minor fluctuations up to around 2015, reaching approximately $2.71. Thereafter, a slight decline occurred in 2016 to $2.14, followed by a stable to slightly increasing trend through 2019 and 2020 (ranging between $1.99 and $2.74). Beginning in 2021, there was a significant surge in share price, peaking at $25.52 in 2023, and further advancing to $45.54 in early 2025 before a marginal decline to $43.97 later that year. Overall, the fifth to seventh years featured stable growth, while the most recent years exhibited rapid and substantial appreciation in share value.

Operating Profit Per Share (OPPS)

Operating profit per share remained relatively low and fluctuated modestly from 2007 through 2014, ranging roughly between $0.06 to $0.31, with occasional dips such as in 2013. A minor decrease occurred in 2020 to $0.16 after being steady around $0.19. Starting in 2021, OPPS increased markedly, reaching $0.64, then rising sharply to $1.44 in 2023, and continuing to grow to $2.11 by late 2025. This indicates improving operational efficiency or profitability contributing to increasing earnings per share in recent years.

Price-to-Operating Profit Ratio (P/OP)

The P/OP ratio demonstrated variability across the years. Initially, it ranged between approximately 8.3 and 11.98 in the early periods, signaling a relatively modest valuation in relation to operating profit. Peaks in the ratio occurred around 2009 and 2013, reaching values as high as 20.76 and 16.77 respectively, suggesting periods of higher market expectations or premium valuations. Post-2020, the ratio fluctuated widely from 10.82 up to above 22.32, especially coinciding with rapid share price increases, implying that the market valuation grew faster than operating profits. The elevated ratios in the latest years indicate a market possibly pricing in anticipated growth beyond current operating profit levels.

In summary, the company's share price and operating profit per share both exhibited strong growth trajectories in recent years, particularly after 2020. The share price appreciation has outpaced the operating profit growth, as reflected in the rising P/OP ratio, indicating increased market optimism or expectations for future profitability beyond historical operating results. Earlier periods showed more modest performance and valuation, with occasional peaks in P/OP suggesting variable market sentiment. The overall pattern underscores a transition to higher company valuation aligned with improving earnings performance in the latest periods.