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
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Enterprise Value (EV)
- Selected Financial Data since 2007
- Price to Operating Profit (P/OP) since 2007
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Historical Valuation Ratios (Summary)
Super Micro Computer Inc., historical price multiples (quarterly data)
Based on: 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), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30).
- Price to Earnings (P/E) Ratio
- The P/E ratio data begins in the third quarter of 2018. From that point, the ratio displays a fluctuating but generally rising trend through late 2021, reaching values near 21.5. Following this period, a notable decline occurs through 2022, reaching a low around 7.82 by the third quarter of 2022. However, from late 2022 onwards, the P/E ratio increases sharply and peaks at over 46 by the end of 2023, indicating higher market valuation relative to earnings. The ratio then declines steadily in 2024, ending near 17.38 by the third quarter of 2024.
- Price to Operating Profit (P/OP) Ratio
- Similar to the P/E ratio, the P/OP ratio starts being reported from the third quarter of 2018. It shows a gradual increase until early 2021, with occasional fluctuations and intermittently declining values. After reaching roughly 19.41 at the end of 2021, the ratio experiences a sharp drop in 2022, bottoming out near 6.55 in the third quarter. This is followed by a significant spike through late 2023, peaking above 42. Subsequently, the ratio decreases moderately throughout 2024, finishing approximately at 15.24 by the third quarter. This pattern mirrors the trend observed in the P/E ratio, denoting market revaluation relative to operating profits.
- Price to Sales (P/S) Ratio
- The P/S ratio reveals a consistent upward trend starting from the third quarter of 2018. It climbs steadily from 0.32 to around 0.7 by the third quarter of 2021, then maintains slight fluctuations but generally remains elevated. In 2022, the ratio jumps to values over 1, reaching as high as 4.11 by the end of 2023, marking a significant increase in market valuation relative to sales. However, starting in late 2023, the ratio declines notably, dropping to under 1.0 by the third quarter of 2024. This indicates a recent correction or reduction in sales valuation multiples.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio starts with relatively stable values around 1.3 from 2018 to 2019, followed by a moderate increase through 2020 and 2021, reaching above 2.5 at mid-2022. Subsequently, a sharp surge occurs at the end of 2022 and through 2023, with the ratio peaking above 10 by late 2023, suggesting high investor optimism or strong growth expectations relative to book value. In 2024, the ratio retreats steadily, declining to about 3.14 by the third quarter of 2024. The large spike and subsequent decrease align with the patterns seen in other price ratios, pointing to a period of marked market revaluation followed by partial correction.
Price to Earnings (P/E)
Super Micro Computer Inc., historical P/E calculation (quarterly data)
| 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 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 2025-03-31), 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), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
EPS
= (Net incomeQ3 2025
+ Net incomeQ2 2025
+ Net incomeQ1 2025
+ Net incomeQ4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Super Micro Computer Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The share price exhibited a generally upward trend over the observed periods, starting from a low of $2.27 in several quarters of 2018 through early 2019, rising gradually to reach peaks above $80 by late 2023. There were periods of significant acceleration, notably from early 2023 to late 2023, where the price jumped steeply from around $13.72 to $83.04. Subsequently, the price declined to $45.54 and then further decreased to $33.52 by the first quarter of 2025, indicating increased volatility or profit-taking following the sharp rise.
Earnings per share (EPS) showed a consistent upward movement beginning from $0.14 in the first quarter of 2019 to a peak of $2.43 in the first quarter of 2025, with some fluctuations observed near the end of the period. This growth in EPS aligns with the upward trend in the share price, reflecting improving profitability or operational performance. However, EPS slightly declined in the final quarter, which may suggest emerging challenges or a cyclic downturn in earnings.
The price-to-earnings (P/E) ratio fluctuated throughout the timeline without a clear long-term directional trend but exhibited notable volatility. Early on, it remained around the mid to high teens, peaking at 46.35 in the final quarter of 2023 during a period of rapid share price appreciation. This elevated P/E indicates high market expectations or overvaluation relative to earnings at that time. Following this peak, the P/E ratio declined to around 17.38 by early 2025, reflecting a correction in the market's valuation of the company's earnings or the aforementioned share price decline. The P/E ratio movements suggest that while earnings improved consistently, market valuation was more sensitive to price fluctuations and sentiment over the period.
Price to Operating Profit (P/OP)
Super Micro Computer Inc., historical P/OP calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||||||||
| 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: 2025-03-31), 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), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Operating profit per share
= (Income from operationsQ3 2025
+ Income from operationsQ2 2025
+ Income from operationsQ1 2025
+ Income from operationsQ4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Super Micro Computer Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The share price of the company exhibited a mostly upward trajectory from September 2018 through December 2023, with notable acceleration beginning roughly in the first quarter of 2023. Initially hovering around $2.27 in late 2018, the price saw incremental growth to about $8.43 by the end of 2022. The period from March 2023 onward marked a sharp rise, peaking at $83.04 by December 2023, before retreating to $33.52 by March 2025. This pattern suggests a phase of heightened market interest or speculative activity followed by a contraction in valuation.
Operating profit per share (OPPS) data begins in March 2019 and shows a steady increase over the observed periods. Starting around $0.19-$0.20 per share, OPPS advanced consistently, reaching a maximum of approximately $2.61 in March 2025. This growth reflects improving profitability on a per-share basis, indicating effective operational performance and expanding earnings capacity through the timeline.
The price-to-operating profit ratio (P/OP) displays volatility throughout the period, with values generally oscillating between about 7.7 and 42.3. Early values around 11.7 to 17.4 during 2019 and 2020 indicate moderate valuation levels relative to operating profits. However, after 2022, this ratio climbed sharply, peaking near 42.3 in December 2023, consistent with the spike in share price outpacing profit growth. Subsequently, the ratio declined to a range near 15.24 by March 2025, reflecting some correction as share prices adjusted downward relative to ongoing operating profit improvements.
- Share Price Trend
- Gradual increase initially with significant surge starting early 2023, peak in late 2023, followed by sharp decline through early 2025.
- Operating Profit per Share
- Consistent upward trend from 2019 onwards, indicating strengthening operational earnings per share over time.
- Price-to-Operating Profit Ratio
- Variable ratio with relatively moderate levels in early years; substantial spike in late 2023 signaling potentially overextended valuation; subsequent fall indicates market adjustment.
- Insights
- The data reveals improving profitability accompanied by market volatility and valuation swings. The sharp rise and fall in share price, contrasted against steadily growing operating profit per share, suggest market sentiment and speculative factors significantly influenced valuation beyond fundamental earnings performance.
Price to Sales (P/S)
Super Micro Computer Inc., historical P/S calculation (quarterly data)
| 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 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 2025-03-31), 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), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Sales per share
= (Net salesQ3 2025
+ Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Super Micro Computer Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibits a general upward trajectory over the analyzed periods, starting from $2.27 in late 2018 and rising significantly to a peak of $83.04 by the end of 2023. Following this peak, the share price declines to $33.52 by the first quarter of 2025. The increase is gradual initially but becomes more pronounced from 2021 onward, with rapid growth especially noticeable between 2022 and 2023. The sharp decline after the peak suggests some volatility or market correction in the latter part of the timeline.
- Sales Per Share Trend
- Sales per share data, available from March 2019, show a consistent and steady increase throughout the periods. Starting at $6.99 per share, sales grow gradually each quarter, reaching $36.14 by March 2025. This represents more than a fivefold increase over the span of six years, signifying strong revenue growth on a per-share basis. The growth in sales per share is stable without noticeable declines or erratic changes, indicating sustained operational performance improvements.
- Price-to-Sales Ratio (P/S) Trend
- The P/S ratio begins at a low 0.32 in early 2019 and slowly increases to 0.7 by late 2021, reflecting a moderate improvement in market valuation relative to sales. The ratio then fluctuates, reaching a maximum of 4.11 at the end of 2023, which coincides with the peak in share price. This height suggests an elevated investor valuation compared to the company's sales at that time. Subsequent quarters show a decline in P/S to 0.93 by early 2025, indicating a reduction in valuation multiples possibly caused by the normalized or dropping share price or an increase in sales. Overall, the ratio shows periods of market optimism followed by a correction phase.
- Insights and Summary
- Overall, the data depict a company with strong and consistent sales growth per share, which is a positive indicator of expanding revenue and possibly market share. The share price trend generally follows this growth but includes a phase of substantial appreciation between 2021 and late 2023, suggesting heightened investor confidence or speculative interest. The rise in the P/S ratio during this peak period supports the notion of elevated market expectations beyond the underlying sales growth. The subsequent decrease in both share price and P/S ratio indicates a market adjustment, potentially reflecting concerns about sustainability of growth or external market factors.
Price to Book Value (P/BV)
Super Micro Computer Inc., historical P/BV calculation (quarterly data)
| 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 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 2025-03-31), 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), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 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 Q3 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price remained stable at $2.27 from September 2018 through March 2019, showing slight fluctuations thereafter. There was a general upward trajectory, increasing gradually to $3.64 by March 2021. A more pronounced rise is observed from mid-2021, reaching $8.43 by December 2022. This increase accelerates significantly in 2023, peaking at $83.04 in December 2023, before declining to $33.52 by March 2025. The data reflects a period of rapid appreciation followed by a notable price correction in the latest quarters.
- Book Value Per Share (BVPS) Trends
- BVPS exhibited a steady and consistent growth over the entire period. Starting at $1.75 in September 2018, it gradually increased quarter-over-quarter, reaching $3.39 by September 2022. The growth continued at a similar pace, culminating at $10.69 by March 2025. This upward trend in book value per share indicates improving net asset value per share over time, suggesting consistent accumulation of equity or retained earnings.
- Price-to-Book Value (P/BV) Ratio Trends
- The P/BV ratio began slightly above 1.3 in late 2018 and fluctuated modestly around this level until early 2021. From March 2021 onwards, the ratio showed notable volatility, spiking to 4.07 in March 2023 and reaching a peak of 10.54 in December 2023. Subsequent quarters reveal a sharp decline to 3.14 by March 2025. The fluctuating P/BV ratio reflects changing market sentiment toward the company’s valuation relative to its book value, with periods of heightened investor optimism followed by revaluation.
- Overall Insights
- Over the observed period, the company’s book value per share has grown steadily, indicating solid underlying asset or equity growth. Share price movements show two distinct phases: a steady increase until early 2021, followed by a phase of rapid escalation peaking in late 2023, alongside significant volatility. The substantial rise and subsequent correction in the share price, coupled with a similarly volatile P/BV ratio, suggest episodes of speculative enthusiasm or market re-rating. The decoupling of share price growth from the more stable growth in BVPS during the latter period warrants attention, as it may imply increased market risk or adjustments to the company’s valuation metrics.