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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- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2007
- Operating Profit Margin since 2007
- Total Asset Turnover since 2007
- Price to Earnings (P/E) since 2007
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Historical Valuation Ratios (Summary)
Super Micro Computer Inc., historical price multiples (quarterly data)
Based on: 10-K (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-Q (reporting date: 2025-12-31), 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).
The valuation ratios exhibit a distinct three-phase cycle characterized by an initial contraction, a period of aggressive expansion, and a subsequent long-term correction. Market sentiment appears to have shifted from conservative valuations in 2021 and 2022 to extreme optimism peaking in early 2024, followed by a return to levels below the initial 2021 baseline by mid-2026.
- Price to Earnings (P/E) and Price to Operating Profit (P/OP)
- Both profitability-based ratios followed a nearly identical trajectory. From September 2021 to December 2022, the P/E ratio declined from 21.50 to a low of 7.82, while the P/OP ratio dropped from 19.41 to 6.55. A sharp reversal occurred between March 2023 and March 2024, with the P/E ratio peaking at 46.35 and the P/OP ratio reaching 42.32. Following this peak, a consistent downward trend is observed, with the P/E ratio ending at 10.98 and the P/OP ratio at 8.84 by June 2026, indicating a significant normalization of earnings multiples.
- Price to Sales (P/S)
- The Price to Sales ratio demonstrated the most dramatic relative volatility. After remaining below 1.00 through late 2022, the ratio surged to a peak of 4.11 by March 2024. This suggests a period where the market attributed a substantial premium to revenue growth. However, the ratio experienced a rapid correction starting in June 2024, ultimately descending to 0.63 by June 2026, effectively erasing the valuation premium gained during the growth phase.
- Price to Book Value (P/BV)
- The P/BV ratio remained relatively stable between 1.66 and 2.54 during 2021 and 2022. A significant upward trend began in March 2023, culminating in a peak of 10.54 in December 2023. This peak indicates a period where the market value far exceeded the accounting value of the assets. Subsequent quarters show a steady decline, with the ratio falling to 1.69 by June 2026, suggesting a return to asset-based valuation fundamentals.
Overall, the data reveals a period of extreme valuation inflation that occurred between early 2023 and early 2024 across all metrics. The convergence of all ratios toward their lowest historical points by June 2026 suggests a comprehensive market re-rating of the equity, moving from a high-growth speculative premium back to a value-oriented valuation framework.
Price to Earnings (P/E)
Super Micro Computer Inc., historical P/E calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Net income (in thousands) | ||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||
| Apple Inc. | ||||||||||||||||||||||||||
| Arista Networks Inc. | ||||||||||||||||||||||||||
| Cisco Systems Inc. | ||||||||||||||||||||||||||
| Dell Technologies Inc. | ||||||||||||||||||||||||||
| Lumentum Holdings Inc. | ||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-Q (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q4 2026 Calculation
EPS
= (Net incomeQ4 2026
+ Net incomeQ3 2026
+ Net incomeQ2 2026
+ Net incomeQ1 2026)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Super Micro Computer Inc. Quarterly or Annual Report.
4 Q4 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals a significant transition in valuation dynamics, moving from a period of multiple compression to a phase of rapid expansion, followed by a correction and a return to earnings-driven valuation.
- Share Price Volatility
- A prolonged upward trajectory is observed from September 2021, with the share price increasing from 4.66 USD to a peak of 83.04 USD by March 31, 2024. Following this peak, a sharp correction occurred, with the price stabilizing between 33.52 USD and 45.54 USD throughout 2024 and 2025, before ending at 37.28 USD in June 2026.
- Earnings Per Share (EPS) Growth
- EPS demonstrates a consistent and strong upward trend over the analyzed period. Starting at 0.22 USD in September 2021, earnings grew steadily to reach 1.79 USD by March 31, 2024. Despite minor fluctuations in late 2025, a significant acceleration in earnings is noted in the first half of 2026, culminating in a peak EPS of 3.40 USD by June 30, 2026.
- Price to Earnings (P/E) Ratio Analysis
- The P/E ratio experienced three distinct phases. First, a compression phase occurred between September 2021 and December 2022, where the ratio dropped from 21.50 to 7.82 as earnings grew faster than the share price. Second, a valuation expansion phase took place from March 2023 to March 2024, with the ratio peaking at 46.35, indicating that the share price growth significantly outpaced earnings growth during this interval. Third, a normalization phase is observed from June 2024 through June 2026, where the P/E ratio trended downward to 10.98, reflecting a shift where valuation became more closely aligned with the substantial increase in fundamental earnings.
The overall correlation suggests that while the mid-period valuation was driven by price speculation and rapid market re-rating, the final period indicates a transition toward a more conservative valuation supported by strong operational profitability.
Price to Operating Profit (P/OP)
Super Micro Computer Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | ||||||||||||||||||||||||||
| Apple Inc. | ||||||||||||||||||||||||||
| Arista Networks Inc. | ||||||||||||||||||||||||||
| Cisco Systems Inc. | ||||||||||||||||||||||||||
| Dell Technologies Inc. | ||||||||||||||||||||||||||
| Lumentum Holdings Inc. | ||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-Q (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q4 2026 Calculation
Operating profit per share
= (Income from operationsQ4 2026
+ Income from operationsQ3 2026
+ Income from operationsQ2 2026
+ Income from operationsQ1 2026)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Super Micro Computer Inc. Quarterly or Annual Report.
4 Q4 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the Price to Operating Profit (P/OP) ratio reveals three distinct phases of valuation: an initial period of contraction, a phase of rapid expansion, and a subsequent trend toward normalization and compression.
- Share Price Dynamics
- A period of relative stability was observed between September 2021 and December 2022, with prices remaining below 10 US$. This was followed by an aggressive appreciation phase, peaking at 83.04 US$ in March 2024. From mid-2024 through June 2026, the share price entered a volatile stabilization period, fluctuating between 33.52 US$ and 45.54 US$, ultimately closing at 37.28 US$.
- Operating Profitability Trends
- Operating profit per share exhibited a consistent long-term growth trajectory. Starting at 0.24 US$ in September 2021, the metric grew steadily to 1.96 US$ by March 2024. Despite a slight dip in 2025, profitability accelerated significantly in the final periods, reaching a peak of 4.22 US$ by June 2026, indicating strong operational scaling regardless of share price volatility.
- P/OP Ratio Volatility and Valuation
- The P/OP ratio underwent significant fluctuations, reflecting a divergence between market sentiment and operational performance. Initially, the ratio declined from 19.41 to a low of 6.55 by December 2022. A sharp valuation expansion occurred between June 2023 and March 2024, where the ratio spiked to 42.32, suggesting that the share price grew at a rate far exceeding the growth in operating profit.
- Valuation Compression Phase
- Beginning in June 2024, a sustained trend of valuation compression is evident. The P/OP ratio fell from 22.32 to 8.84 by June 2026. This contraction was driven by the simultaneous correction of the share price and the substantial increase in operating profit per share. The final recorded ratio of 8.84 represents the lowest valuation level since 2022, indicating that the current share price is more closely aligned with fundamental operating earnings.
Price to Sales (P/S)
Super Micro Computer Inc., historical P/S calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Net sales (in thousands) | ||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||
| Apple Inc. | ||||||||||||||||||||||||||
| Arista Networks Inc. | ||||||||||||||||||||||||||
| Cisco Systems Inc. | ||||||||||||||||||||||||||
| Dell Technologies Inc. | ||||||||||||||||||||||||||
| Lumentum Holdings Inc. | ||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-Q (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q4 2026 Calculation
Sales per share
= (Net salesQ4 2026
+ Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Super Micro Computer Inc. Quarterly or Annual Report.
4 Q4 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The valuation trajectory exhibits a distinct period of aggressive expansion followed by a corrective phase, while operational revenue per share maintained a consistent upward trend throughout the observed period.
- Sales per Share Growth
- A sustained increase in sales per share is evident, rising from 7.49 US$ in September 2021 to 59.46 US$ by June 2026. This represents a significant and steady expansion in revenue generation per share, with growth persisting consistently across the entire timeframe.
- Price-to-Sales (P/S) Ratio Volatility
- The P/S ratio remained relatively stable and low, fluctuating between 0.47 and 0.70 from September 2021 through December 2022. A sharp escalation began in March 2023, where the ratio climbed to 1.10, eventually peaking at 4.11 in March 2024. This spike indicates a period where the market price increased at a rate significantly higher than the growth of sales.
- Valuation Normalization
- Following the peak in March 2024, a marked contraction in the P/S ratio is observed. The ratio fell to 1.80 by June 2024 and continued a downward trajectory, reaching 0.63 by June 2026. This trend suggests a normalization of valuation multiples; despite the continued increase in sales per share, the share price corrected, returning the P/S ratio to levels consistent with the 2021-2022 baseline.
Price to Book Value (P/BV)
Super Micro Computer Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Total Super Micro Computer, Inc. stockholders’ equity (in thousands) | ||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||
| Apple Inc. | ||||||||||||||||||||||||||
| Arista Networks Inc. | ||||||||||||||||||||||||||
| Cisco Systems Inc. | ||||||||||||||||||||||||||
| Dell Technologies Inc. | ||||||||||||||||||||||||||
| Lumentum Holdings Inc. | ||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-Q (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q4 2026 Calculation
BVPS = Total Super Micro Computer, Inc. stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Super Micro Computer Inc. Quarterly or Annual Report.
4 Q4 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The Price to Book Value (P/BV) ratio exhibits a cyclical pattern characterized by a period of rapid expansion followed by a sustained contraction. While the market valuation peaked in late 2023, the underlying book value per share maintained a consistent growth trajectory throughout the entire observed period.
- Valuation Expansion Phase
- A significant increase in the P/BV ratio is observed starting in March 2023, rising from 4.07 to a peak of 10.54 by December 2023. This period reflects a sharp divergence where the share price increased at a rate substantially higher than the growth of the company's book value, suggesting a high market premium during this window.
- Valuation Contraction Phase
- Following the December 2023 peak, the P/BV ratio entered a downward trend, falling to 4.99 by June 2024 and continuing to decline to 1.69 by June 2026. This contraction is attributed to a combination of correcting share prices and a simultaneous increase in book value, bringing the market valuation closer to the actual accounting value of the assets.
- Book Value per Share (BVPS) Growth
- The BVPS demonstrates a steady and uninterrupted upward trend, increasing from 2.22 US$ in September 2021 to 22.04 US$ by June 2026. This represents a substantial growth in the net asset value per share, providing a stronger fundamental floor for the stock price over time.
- Share Price Volatility
- The share price experienced extreme volatility, rising from 4.66 US$ in September 2021 to a peak of 83.04 US$ in March 2024, before retreating to 37.28 US$ by June 2026. The discrepancy between the share price peak and the BVPS peak explains the volatility observed in the P/BV ratio.
In summary, the analysis indicates that the market initially overvalued the assets relative to their book value in 2023, but the subsequent decline in the P/BV ratio, coupled with the consistent growth of the BVPS, suggests a normalization of the valuation relative to the company's tangible net worth.