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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- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Operating Profit Margin since 2007
- Total Asset Turnover since 2007
- Price to Earnings (P/E) since 2007
- Price to Book Value (P/BV) since 2007
- Analysis of Revenues
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Historical Valuation Ratios (Summary)
Super Micro Computer Inc., historical price multiples (quarterly data)
Based on: 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), 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).
The valuation ratios exhibit considerable fluctuation over the observed period, spanning from September 2020 to December 2025. Generally, the ratios demonstrate an increasing trend through much of 2021 and 2022, followed by significant volatility and, in some cases, a return towards earlier levels in subsequent periods. A notable surge in valuation multiples occurred in late 2022 and early to mid-2023, before experiencing a correction.
- Price to Earnings (P/E) Ratio
- The P/E ratio began at 17.15 in September 2020 and generally increased to reach 22.19 by September 2023. A substantial peak of 44.27 was observed in December 2023, followed by a sharp decline to 23.45 in June 2024. The ratio then stabilized, fluctuating between 17.38 and 24.91 through December 2025. This suggests periods of heightened investor optimism followed by corrections, potentially linked to earnings expectations or broader market conditions.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio mirrored the trend of the P/E ratio, starting at 17.42 in September 2020 and increasing to 19.05 by September 2023. Similar to the P/E ratio, a peak of 37.27 occurred in December 2023, followed by a decrease to 20.85 by June 2025. The overall pattern indicates a strong correlation between market valuation and operating profitability, with amplified movements during periods of high growth or correction.
- Price to Sales (P/S) Ratio
- The P/S ratio demonstrated a more consistent upward trend from 0.44 in September 2020 to a peak of 3.50 in December 2023. This indicates a growing willingness of investors to pay a premium for each dollar of revenue. However, the ratio subsequently declined to 0.73 in March 2025, suggesting a reassessment of the company’s revenue growth prospects or a broader market correction. A slight recovery to 1.19 was observed by June 2025.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio exhibited the most dramatic increase of all the ratios analyzed. Starting at 1.35 in September 2020, it rose steadily to reach 10.54 in December 2023. This substantial increase suggests a significant shift in investor perception regarding the company’s asset value and future growth potential. A subsequent decline to 2.95 in March 2025 indicates a correction in this perception, though the ratio remained elevated compared to its earlier levels. A slight increase to 4.15 was observed by June 2025.
In summary, the observed valuation ratios suggest a period of increasing investor confidence and growth expectations, culminating in late 2023. The subsequent declines in most ratios indicate a market correction or a reassessment of the company’s future prospects. The P/S and P/BV ratios experienced the most significant fluctuations, potentially reflecting changes in investor sentiment regarding revenue growth and asset valuation.
Price to Earnings (P/E)
Super Micro Computer Inc., historical P/E calculation (quarterly data)
| 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 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | |||||||||||||||||||||||||||||
Based on: 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), 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 Q2 2026 Calculation
EPS
= (Net incomeQ2 2026
+ Net incomeQ1 2026
+ Net incomeQ4 2025
+ Net incomeQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Super Micro Computer Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The Price to Earnings (P/E) ratio for the observed period demonstrates significant fluctuation. Initially, the ratio exhibited a generally increasing trend from September 2020 through September 2021, followed by a period of volatility and then a substantial increase in late 2023 and early 2024 before declining again.
- Initial Phase (Sep 2020 – Sep 2021)
- From September 2020 to September 2021, the P/E ratio increased from 17.15 to 21.50. This suggests a growing investor confidence in the company’s earnings potential during this period, or potentially an increase in the share price outpacing earnings growth. The ratio remained relatively stable around the 19-22 range for most of this timeframe.
- Volatility and Decline (Dec 2021 – Jun 2022)
- A period of volatility followed, with the P/E ratio decreasing to a low of 12.72 by June 2022. This decline coincided with a period where earnings per share (EPS) increased, indicating that the share price did not increase at the same rate as earnings. The ratio then recovered somewhat to 9.13 by September 2022.
- Stabilization and Subsequent Surge (Sep 2022 – Dec 2023)
- The P/E ratio remained relatively low, fluctuating between approximately 7.82 and 12.26 through the first three quarters of fiscal year 2023. However, a dramatic increase occurred in December 2023, reaching 44.27. This substantial rise suggests a significant shift in market perception, potentially driven by increased optimism regarding future earnings or a rapid increase in the share price.
- Peak and Recent Trend (Jan 2024 – Jun 2025)
- The P/E ratio peaked at 46.35 in March 2024, before beginning a downward trend. While still exhibiting fluctuations, the ratio generally decreased to 29.94 by September 2025. This recent decline, despite continued earnings growth, suggests that the share price may have been overvalued previously and is now adjusting, or that investor expectations for future growth have moderated. The ratio currently sits at 29.94, indicating a premium valuation relative to earlier periods.
Overall, the P/E ratio demonstrates a complex pattern, moving from a moderate valuation to a period of significant expansion and then a recent correction. The substantial increase in late 2023 and early 2024 warrants further investigation to understand the underlying drivers of this market behavior.
Price to Operating Profit (P/OP)
Super Micro Computer Inc., historical P/OP calculation (quarterly data)
| 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 | 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 | |||||||||||||||||||||||||||||
| Apple Inc. | |||||||||||||||||||||||||||||
| Arista Networks Inc. | |||||||||||||||||||||||||||||
| Cisco Systems Inc. | |||||||||||||||||||||||||||||
| Dell Technologies Inc. | |||||||||||||||||||||||||||||
Based on: 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), 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 Q2 2026 Calculation
Operating profit per share
= (Income from operationsQ2 2026
+ Income from operationsQ1 2026
+ Income from operationsQ4 2025
+ Income from operationsQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Super Micro Computer Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The Price to Operating Profit (P/OP) ratio for the observed period demonstrates considerable fluctuation. Initially, the ratio exhibited a relatively stable range, followed by a period of significant volatility and then a moderating trend. A detailed examination reveals distinct phases in the ratio’s behavior.
- Initial Stability (Sep 30, 2020 – Dec 31, 2021)
- From September 30, 2020, to December 31, 2021, the P/OP ratio remained within a narrow band, fluctuating between approximately 14.45 and 19.41. This suggests a period of relatively consistent market valuation in relation to operating profitability. There were minor increases and decreases, but no substantial directional movement was apparent.
- Decreasing Trend (Mar 31, 2022 – Dec 31, 2022)
- A noticeable downward trend emerged starting in March 31, 2022. The P/OP ratio decreased from 12.71 to 6.55 by December 31, 2022. This decline indicates that the market valuation decreased relative to operating profit during this period, potentially reflecting changing investor sentiment or expectations regarding future profitability.
- Volatility and Peak (Mar 31, 2023 – Dec 31, 2023)
- The period from March 31, 2023, to December 31, 2023, was characterized by significant volatility. The P/OP ratio increased dramatically, peaking at 37.27 in December 2023, from a value of 10.29 in March 2023. This substantial increase suggests a period of heightened investor optimism or speculative activity, driving up the share price relative to operating profit.
- Moderation and Recent Fluctuations (Mar 31, 2024 – Dec 31, 2025)
- Following the peak, the P/OP ratio experienced a decline, reaching 22.32 by March 31, 2024, before fluctuating between approximately 15.24 and 25.63 through December 31, 2025. This suggests a stabilization, albeit at a higher level than the initial period, with continued, but less extreme, market adjustments. The most recent values indicate a degree of uncertainty or ongoing reassessment of the company’s valuation.
In summary, the P/OP ratio demonstrates a transition from initial stability to a declining trend, followed by a period of substantial increase and subsequent moderation with continued fluctuations. These changes likely reflect evolving market perceptions of the company’s operating performance and future prospects.
Price to Sales (P/S)
Super Micro Computer Inc., historical P/S calculation (quarterly data)
| 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 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | |||||||||||||||||||||||||||||
Based on: 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), 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 Q2 2026 Calculation
Sales per share
= (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Super Micro Computer Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The Price-to-Sales (P/S) ratio exhibited a generally increasing trend over the observed period, though with significant fluctuations. Initially, the ratio demonstrated modest growth from 0.44 in September 2020 to 0.54 in March 2021. A subsequent dip to 0.47 by December 2021 was followed by a more pronounced upward trajectory, peaking at 4.11 in March 2024.
- Initial Phase (Sep 2020 – Dec 2021)
- The P/S ratio remained relatively stable, fluctuating between 0.44 and 0.62. This suggests a consistent valuation relative to sales during this period. A slight decrease in December 2021 indicates a potential shift in investor sentiment or market conditions.
Following December 2021, the P/S ratio experienced substantial growth, rising from 0.47 to 3.50 by December 2023. This period reflects a significant increase in investor willingness to pay for each dollar of sales, potentially driven by positive expectations regarding future growth or profitability.
- Rapid Growth Phase (Mar 2022 – Mar 2024)
- The most dramatic increase occurred between March 2022 and March 2024, with the P/S ratio climbing from 0.57 to 4.11. This suggests a substantial re-evaluation of the company’s worth relative to its sales revenue. The peak of 4.11 represents the highest valuation observed throughout the analyzed timeframe.
Subsequent to March 2024, the P/S ratio demonstrated a marked decline, falling to 0.73 by March 2025. This reversal indicates a correction in valuation, potentially triggered by factors such as diminished growth prospects, increased competition, or broader market downturns. While fluctuations continued through December 2025, the ratio remained below the peak observed in March 2024.
- Recent Decline (Jun 2024 – Dec 2025)
- The decrease from 1.80 in June 2024 to 0.73 in March 2025 represents a significant contraction in the valuation multiple. The subsequent partial recovery to 1.19 in June 2025 and 1.13 in December 2025 suggests some stabilization, but the ratio remains considerably lower than its previous high.
Overall, the P/S ratio demonstrates a cyclical pattern, with periods of growth followed by corrections. The most recent trend indicates a potential shift towards a more conservative valuation, although continued volatility is apparent.
Price to Book Value (P/BV)
Super Micro Computer Inc., historical P/BV calculation (quarterly data)
| 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 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | |||||||||||||||||||||||||||||
Based on: 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), 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 Q2 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 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The Price to Book Value (P/BV) ratio for the observed period demonstrates a significant and dynamic trend. Initially, the ratio exhibited a moderate increase followed by substantial volatility, culminating in a peak and subsequent decline. The analysis below details these observations.
- Initial Phase (Sep 30, 2020 – Dec 31, 2021)
- From September 30, 2020, to December 31, 2021, the P/BV ratio generally increased, moving from 1.35 to 1.66. This indicates a growing investor confidence in the company’s value relative to its book value. However, this growth wasn’t consistent, with a slight decrease observed between June 30, 2021, and December 31, 2021.
- Ascending Trend & Peak (Mar 31, 2022 – Dec 31, 2023)
- A pronounced upward trend is evident from March 31, 2022, through December 31, 2023. The P/BV ratio increased dramatically, reaching a high of 10.54. This surge suggests a substantial re-evaluation of the company’s market value compared to its book value, potentially driven by positive market sentiment or improved financial performance. The increase in both share price and book value per share contributed to this rise, but the share price increase was more significant.
- Subsequent Decline (Mar 31, 2024 – Dec 31, 2025)
- Following the peak, the P/BV ratio experienced a notable decline, decreasing from 10.54 to 2.95 by March 31, 2025, before a slight recovery to 3.48 by December 31, 2025. This decrease suggests a correction in market valuation, potentially due to profit-taking, changing market conditions, or concerns about future growth. While the book value per share continued to increase throughout this period, the share price decreased more rapidly, driving down the ratio.
- Book Value Per Share Trend
- Throughout the entire period, the book value per share consistently increased, moving from US$2.07 in September 2020 to US$11.67 in March 2025, and US$11.60 in December 2025. This indicates a steady growth in the company’s net asset value.
- Share Price Volatility
- The share price exhibited significant volatility, particularly in the later part of the observed period. While it increased substantially between 2020 and 2023, it experienced a considerable decrease from its peak in 2023, contributing to the decline in the P/BV ratio. This volatility suggests a higher degree of risk and sensitivity to market factors.
In summary, the P/BV ratio demonstrates a period of growth, a substantial peak, and a subsequent decline. The ratio’s movements are influenced by both changes in the share price and the book value per share, with the share price exhibiting greater volatility. The observed trends suggest a dynamic valuation influenced by market sentiment and underlying financial performance.