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).
Historical Valuation Ratios (Summary)
Super Micro Computer Inc., historical price multiples (quarterly data)
Based on: 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), 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 a distinct cyclical pattern characterized by a period of relative stability, a dramatic surge in market valuation peaking in early 2024, and a subsequent correction toward historical baselines. This trajectory suggests a period of intense market optimism followed by a significant normalization of valuation multiples.
- Price to Earnings (P/E) and Price to Operating Profit (P/OP)
- Both ratios followed a nearly identical trajectory. From late 2020 through late 2022, valuations trended downward, with the P/E ratio falling from 17.15 to a low of 7.82 and the P/OP ratio declining from 17.42 to 6.55. A sharp reversal occurred in 2023, leading to an exponential increase that peaked in March 2024, where the P/E reached 46.35 and the P/OP reached 42.32. Following this peak, a consistent downward trend is observed, with the P/E ratio returning to 16.16 by March 2026.
- Price to Sales (P/S)
- The P/S ratio remained subdued between 0.44 and 0.70 from September 2020 through December 2022. A significant valuation expansion began in March 2023, with the ratio climbing rapidly to a peak of 4.11 in March 2024. This represented a substantial departure from historical norms. Subsequently, the ratio contracted sharply, ending the period at 0.60 in March 2026, effectively returning to the pre-2023 valuation range.
- Price to Book Value (P/BV)
- The P/BV ratio showed the most extreme volatility of all metrics. After a gradual increase from 1.35 in September 2020 to 2.49 by December 2022, the ratio surged to a peak of 10.54 in December 2023. This peak indicates a period where the market priced the company at over ten times its book value. A steady decline followed throughout 2024 and 2025, with the ratio moderating to 2.66 by March 2026.
Overall, the convergence of these ratios in early 2026 suggests that the company's market valuation has reverted to levels consistent with its 2020-2022 performance, despite the intervening period of extreme growth in multiples.
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Price to Earnings (P/E)
Super Micro Computer Inc., historical P/E calculation (quarterly data)
| 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 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 601,418,482 | 598,989,428 | 596,971,133 | 594,273,308 | 596,817,646 | 593,481,352 | 593,481,352 | 593,481,352 | 585,565,270 | 559,333,300 | 533,135,420 | 529,059,470 | 524,884,940 | 536,371,580 | 529,228,860 | 523,470,390 | 519,068,730 | 515,633,160 | 510,758,180 | 505,904,660 | 499,343,370 | 505,753,100 | 517,821,280 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Net income (in thousands) | 483,387) | 400,564) | 168,285) | 195,154) | 108,777) | 320,596) | 424,327) | 297,244) | 402,459) | 295,968) | 156,995) | 193,569) | 85,846) | 176,167) | 184,416) | 140,822) | 76,972) | 41,932) | 25,437) | 39,162) | 18,428) | 27,674) | 26,601) | |||||||
| Earnings per share (EPS)2 | 2.07 | 1.46 | 1.33 | 1.76 | 1.93 | 2.43 | 2.39 | 1.94 | 1.79 | 1.31 | 1.15 | 1.21 | 1.12 | 1.08 | 0.84 | 0.54 | 0.35 | 0.24 | 0.22 | 0.22 | 0.18 | 0.18 | 0.16 | |||||||
| Share price1, 3 | 33.52 | 34.38 | 39.76 | 43.97 | 33.52 | 45.54 | 45.54 | 45.54 | 83.04 | 57.96 | 25.50 | 25.52 | 13.72 | 8.43 | 7.66 | 6.93 | 5.12 | 3.82 | 4.66 | 3.57 | 3.64 | 3.20 | 2.80 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/E ratio4 | 16.16 | 23.60 | 29.94 | 24.91 | 17.38 | 18.71 | 19.03 | 23.45 | 46.35 | 44.27 | 22.19 | 21.10 | 12.26 | 7.82 | 9.13 | 12.72 | 14.48 | 15.76 | 21.50 | 16.15 | 19.94 | 18.28 | 17.15 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Apple Inc. | — | 33.57 | 32.34 | 35.67 | 30.25 | 31.52 | 36.87 | 35.95 | 32.79 | 28.01 | 28.44 | 28.33 | 30.03 | 28.94 | 25.69 | 24.82 | 26.21 | 25.03 | 27.64 | 25.96 | 27.61 | 29.19 | 36.00 | |||||||
| Arista Networks Inc. | — | — | 49.77 | 51.02 | 52.68 | 53.64 | 35.85 | 45.95 | 47.33 | 44.22 | 39.94 | 39.77 | 32.79 | 33.61 | 27.44 | 32.05 | 33.51 | 34.45 | 37.69 | — | — | — | — | |||||||
| Cisco Systems Inc. | — | 27.41 | 29.60 | 26.28 | 25.65 | 27.97 | 24.17 | 19.00 | 15.61 | 14.54 | 14.30 | 18.26 | 17.20 | 18.01 | 17.28 | 15.78 | 15.18 | 19.78 | 20.46 | 23.34 | 21.99 | 19.39 | 16.91 | |||||||
| Dell Technologies Inc. | 17.58 | 17.10 | 16.86 | 15.02 | 19.39 | 18.49 | 25.76 | 25.12 | 18.34 | 26.87 | 17.90 | 11.94 | 16.85 | 5.08 | 6.44 | 7.31 | 6.58 | 19.68 | 19.66 | — | — | — | — | |||||||
| Lumentum Holdings Inc. | 167.00 | 132.11 | 146.68 | 318.36 | — | — | — | — | — | — | — | — | — | 144.42 | 34.39 | 31.19 | 33.26 | 16.19 | 15.51 | 15.85 | 13.95 | 35.28 | 39.66 | |||||||
Based on: 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), 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 Q3 2026 Calculation
EPS
= (Net incomeQ3 2026
+ Net incomeQ2 2026
+ Net incomeQ1 2026
+ Net incomeQ4 2025)
÷ No. shares of common stock outstanding
= (483,387,000 + 400,564,000 + 168,285,000 + 195,154,000)
÷ 601,418,482 = 2.07
3 Closing price as at the filing date of Super Micro Computer Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/E ratio = Share price ÷ EPS
= 33.52 ÷ 2.07 = 16.16
5 Click competitor name to see calculations.
The valuation trajectory of the common stock demonstrates three distinct phases characterized by varying relationships between price appreciation and earnings growth. Initially, a period of steady organic growth occurred, followed by a phase of aggressive valuation expansion, and concluding with a period of price correction and stabilization.
- Earnings per Share (EPS) Performance
- A consistent upward trend in EPS is observed from September 2020 through December 2023, rising from 0.16 US$ to a peak of 2.43 US$. Following this peak, earnings experienced moderate volatility, fluctuating between 1.33 US$ and 2.07 US$ through March 2026. The sustained growth in the early period provided the fundamental basis for the subsequent increase in share price.
- Share Price Volatility
- The share price exhibited exponential growth between March 2023 and March 2024, ascending from 13.72 US$ to a maximum of 83.04 US$. This rapid ascent was followed by a significant correction, with the price retreating to the 33.52 US$ to 45.54 US$ range for the remainder of the analyzed period. This suggests a shift from speculative growth to a more stabilized valuation floor.
- Price-to-Earnings (P/E) Ratio Dynamics
- The P/E ratio fluctuated significantly, reflecting changing market sentiment. From September 2020 to December 2022, the ratio generally contracted from 17.15 to a low of 7.82, indicating that earnings growth exceeded the rate of share price appreciation. Conversely, between June 2023 and March 2024, the P/E ratio surged to a peak of 46.35, signaling a period of high market optimism and a valuation premium. In the final phase, from June 2024 to March 2026, the ratio normalized, oscillating between 16.16 and 29.94.
- Correlation Analysis
- The data indicates a decoupling of price and earnings during the 2023-2024 window, where the P/E ratio expanded rapidly despite steady EPS growth. However, by March 2026, the P/E ratio of 16.16 suggests a return to valuation levels similar to those seen in 2020 and 2021, implying that the stock has returned to a more historical pricing baseline relative to its earning power.
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Price to Operating Profit (P/OP)
Super Micro Computer Inc., historical P/OP calculation (quarterly data)
| 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 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 601,418,482 | 598,989,428 | 596,971,133 | 594,273,308 | 596,817,646 | 593,481,352 | 593,481,352 | 593,481,352 | 585,565,270 | 559,333,300 | 533,135,420 | 529,059,470 | 524,884,940 | 536,371,580 | 529,228,860 | 523,470,390 | 519,068,730 | 515,633,160 | 510,758,180 | 505,904,660 | 499,343,370 | 505,753,100 | 517,821,280 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Income from operations (in thousands) | 625,868) | 474,298) | 182,256) | 228,391) | 146,780) | 368,624) | 509,199) | 288,486) | 378,314) | 371,464) | 172,510) | 226,755) | 99,082) | 215,182) | 220,123) | 165,213) | 89,777) | 51,049) | 29,128) | 39,081) | 17,055) | 37,365) | 30,446) | |||||||
| Operating profit per share2 | 2.51 | 1.72 | 1.55 | 2.11 | 2.20 | 2.60 | 2.61 | 2.04 | 1.96 | 1.56 | 1.34 | 1.44 | 1.33 | 1.29 | 0.99 | 0.64 | 0.40 | 0.26 | 0.24 | 0.25 | 0.19 | 0.18 | 0.16 | |||||||
| Share price1, 3 | 33.52 | 34.38 | 39.76 | 43.97 | 33.52 | 45.54 | 45.54 | 45.54 | 83.04 | 57.96 | 25.50 | 25.52 | 13.72 | 8.43 | 7.66 | 6.93 | 5.12 | 3.82 | 4.66 | 3.57 | 3.64 | 3.20 | 2.80 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/OP ratio4 | 13.34 | 19.96 | 25.63 | 20.85 | 15.24 | 17.50 | 17.47 | 22.32 | 42.32 | 37.27 | 19.05 | 17.74 | 10.29 | 6.55 | 7.70 | 10.82 | 12.71 | 14.45 | 19.41 | 14.57 | 19.28 | 17.44 | 17.42 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Apple Inc. | — | 27.92 | 27.00 | 30.03 | 23.07 | 24.08 | 28.21 | 27.35 | 27.72 | 23.78 | 24.19 | 24.04 | 25.35 | 24.31 | 21.45 | 20.74 | 22.07 | 21.37 | 23.78 | 22.56 | 23.98 | 25.06 | 31.00 | |||||||
| Arista Networks Inc. | — | — | 44.57 | 46.46 | 48.81 | 50.86 | 34.54 | 44.51 | 45.29 | 41.84 | 37.57 | 36.78 | 29.88 | 30.23 | 24.01 | 28.39 | 29.48 | 31.27 | 35.28 | — | — | — | — | |||||||
| Cisco Systems Inc. | — | 22.60 | 23.95 | 22.75 | 22.24 | 25.00 | 22.12 | 16.10 | 13.69 | 12.56 | 12.32 | 15.32 | 13.88 | 14.67 | 14.12 | 13.35 | 12.91 | 16.75 | 17.02 | 19.26 | 17.97 | 15.77 | 14.03 | |||||||
| Dell Technologies Inc. | 12.69 | 12.13 | 11.94 | 11.06 | 14.69 | 14.04 | 18.28 | 15.48 | 9.96 | 9.87 | 6.61 | 5.05 | 4.98 | 5.04 | 7.09 | 8.73 | 8.55 | 14.00 | 14.47 | — | — | — | — | |||||||
| Lumentum Holdings Inc. | 309.85 | 1,334.92 | — | — | — | — | — | — | — | — | — | — | — | 44.04 | 20.03 | 20.45 | 21.03 | 12.14 | 11.74 | 11.95 | 10.19 | 23.51 | 25.27 | |||||||
Based on: 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), 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 Q3 2026 Calculation
Operating profit per share
= (Income from operationsQ3 2026
+ Income from operationsQ2 2026
+ Income from operationsQ1 2026
+ Income from operationsQ4 2025)
÷ No. shares of common stock outstanding
= (625,868,000 + 474,298,000 + 182,256,000 + 228,391,000)
÷ 601,418,482 = 2.51
3 Closing price as at the filing date of Super Micro Computer Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 33.52 ÷ 2.51 = 13.34
5 Click competitor name to see calculations.
An analysis of the financial data from September 2020 through March 2026 reveals a period of significant valuation volatility characterized by a sharp expansion and subsequent correction of the Price to Operating Profit (P/OP) ratio. While operational profitability grew steadily over the long term, the share price exhibited more aggressive swings, leading to substantial shifts in the company's valuation multiple.
- Share Price Trajectory
- The share price experienced three distinct phases. From September 2020 to December 2022, a gradual upward trend was observed, moving from 2.80 to 8.43. This was followed by a period of exponential growth starting in March 2023, reaching a peak of 83.04 by March 31, 2024. A significant correction occurred thereafter, with the price stabilizing around 45.54 throughout much of 2024 before fluctuating between 33.52 and 43.97 through March 2026.
- Operating Profit per Share Growth
- Operating profit per share demonstrated a consistent and robust upward trend for the majority of the period. Starting at 0.16 in September 2020, the figure grew steadily to 1.29 by December 2022. Growth continued through 2023 and 2024, peaking at 2.61 in September 2024. Although a temporary decline to 1.55 was recorded in June 2025, the profit per share recovered to 2.51 by March 2026, indicating strong underlying operational performance despite share price volatility.
- P/OP Ratio and Valuation Cycles
- The P/OP ratio highlights a transition from valuation compression to extreme expansion and eventual normalization. Between September 2020 and December 2022, the ratio trended downward, reaching a low of 6.55, which suggests that operating profit growth was outstripping share price appreciation. However, beginning in March 2023, the ratio expanded rapidly, peaking at 42.32 in March 2024. This spike indicates a period where market expectations and share price growth far exceeded the immediate growth in operating profits. From June 2024 onward, the ratio underwent a correction, fluctuating between 13.34 and 25.63, signaling a return to more moderate valuation levels relative to operational earnings.
The overall correlation suggests that while the company successfully scaled its operating profitability by more than 15 times over the observed period, the equity market's valuation of those profits was highly speculative during the 2023-2024 window. The eventual decline in the P/OP ratio toward the end of the period reflects a realignment of the share price with the actual growth in operating profit per share.
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Price to Sales (P/S)
Super Micro Computer Inc., historical P/S calculation (quarterly data)
| 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 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 601,418,482 | 598,989,428 | 596,971,133 | 594,273,308 | 596,817,646 | 593,481,352 | 593,481,352 | 593,481,352 | 585,565,270 | 559,333,300 | 533,135,420 | 529,059,470 | 524,884,940 | 536,371,580 | 529,228,860 | 523,470,390 | 519,068,730 | 515,633,160 | 510,758,180 | 505,904,660 | 499,343,370 | 505,753,100 | 517,821,280 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Net sales (in thousands) | 10,243,014) | 12,682,491) | 5,017,790) | 5,756,911) | 4,599,913) | 5,677,962) | 5,937,256) | 5,354,589) | 3,850,066) | 3,664,924) | 2,119,672) | 2,184,861) | 1,283,296) | 1,803,195) | 1,852,130) | 1,635,460) | 1,355,490) | 1,172,419) | 1,032,730) | 1,068,985) | 895,881) | 830,306) | 762,250) | |||||||
| Sales per share2 | 56.03 | 46.84 | 35.27 | 36.97 | 36.14 | 35.08 | 31.69 | 25.26 | 20.18 | 16.54 | 13.86 | 13.46 | 12.52 | 12.39 | 11.37 | 9.93 | 8.92 | 8.09 | 7.49 | 7.03 | 6.78 | 6.45 | 6.38 | |||||||
| Share price1, 3 | 33.52 | 34.38 | 39.76 | 43.97 | 33.52 | 45.54 | 45.54 | 45.54 | 83.04 | 57.96 | 25.50 | 25.52 | 13.72 | 8.43 | 7.66 | 6.93 | 5.12 | 3.82 | 4.66 | 3.57 | 3.64 | 3.20 | 2.80 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/S ratio4 | 0.60 | 0.73 | 1.13 | 1.19 | 0.93 | 1.30 | 1.44 | 1.80 | 4.11 | 3.50 | 1.84 | 1.90 | 1.10 | 0.68 | 0.67 | 0.70 | 0.57 | 0.47 | 0.62 | 0.51 | 0.54 | 0.50 | 0.44 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Apple Inc. | — | 9.11 | 8.74 | 9.60 | 7.35 | 7.66 | 8.96 | 8.62 | 8.67 | 7.37 | 7.44 | 7.17 | 7.41 | 7.09 | 6.31 | 6.28 | 6.74 | 6.61 | 7.35 | 6.72 | 6.90 | 6.85 | 7.82 | |||||||
| Arista Networks Inc. | — | — | 19.07 | 19.89 | 20.93 | 21.94 | 14.60 | 18.71 | 19.07 | 17.25 | 15.03 | 14.17 | 11.14 | 10.92 | 8.57 | 9.89 | 9.93 | 10.18 | 11.13 | — | — | — | — | |||||||
| Cisco Systems Inc. | — | 5.14 | 5.30 | 4.72 | 4.52 | 4.74 | 4.29 | 3.64 | 3.42 | 3.42 | 3.35 | 4.04 | 3.59 | 3.83 | 3.80 | 3.62 | 3.53 | 4.54 | 4.59 | 4.96 | 4.60 | 4.09 | 3.68 | |||||||
| Dell Technologies Inc. | 0.88 | 0.82 | 0.80 | 0.72 | 0.87 | 0.82 | 1.04 | 0.91 | 0.54 | 0.55 | 0.36 | 0.28 | 0.29 | 0.26 | 0.35 | 0.40 | 0.45 | 0.77 | 0.83 | — | — | — | — | |||||||
| Lumentum Holdings Inc. | 29.52 | 15.79 | 8.96 | 5.01 | 3.12 | 4.54 | 4.18 | 2.82 | 1.97 | 2.14 | 1.82 | 2.01 | 1.74 | 2.26 | 2.27 | 3.62 | 3.67 | 3.65 | 3.67 | 3.61 | 3.01 | 3.92 | 3.66 | |||||||
Based on: 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), 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 Q3 2026 Calculation
Sales per share
= (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
÷ No. shares of common stock outstanding
= (10,243,014,000 + 12,682,491,000 + 5,017,790,000 + 5,756,911,000)
÷ 601,418,482 = 56.03
3 Closing price as at the filing date of Super Micro Computer Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 33.52 ÷ 56.03 = 0.60
5 Click competitor name to see calculations.
The valuation profile exhibits three distinct phases: a period of stability and gradual growth, a phase of aggressive valuation expansion, and a subsequent period of significant valuation compression despite continued growth in fundamental revenue performance.
- Revenue Performance and Sales per Share
- A consistent upward trajectory in sales per share is observed throughout the entire period. Starting at 6.38 US$ in September 2020, sales per share grew steadily to 12.39 US$ by December 2022. This growth accelerated significantly in the latter half of the period, reaching 56.03 US$ by March 2026. This represents a substantial increase in the revenue generated per outstanding share, indicating strong top-line growth.
- Share Price Dynamics
- The share price experienced a period of moderate appreciation from September 2020 to December 2022, rising from 2.80 US$ to 8.43 US$. A period of extreme volatility and rapid appreciation followed, with the price peaking at 83.04 US$ in March 2024. Following this peak, the share price entered a corrective phase, declining to 33.52 US$ by March 2026.
- Price-to-Sales (P/S) Ratio Trends
- The P/S ratio remained relatively low and stable between 0.44 and 0.70 from September 2020 through December 2022. A sharp expansion in the valuation multiple occurred starting in March 2023, peaking at 4.11 in March 2024, which suggests that the market began pricing in growth expectations far beyond the immediate revenue increases. From June 2024 onward, a pronounced contraction in the P/S ratio is evident, falling to 0.60 by March 2026.
- Valuation Divergence
- A significant divergence is observed between the P/S ratio and sales per share starting in 2024. While sales per share continued to climb from 25.26 US$ to 56.03 US$, the P/S ratio declined from 1.80 to 0.60. This indicates a fundamental "de-rating" of the company, where the market is assigning a lower multiple to each dollar of sales despite the increasing scale of those sales.
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Price to Book Value (P/BV)
Super Micro Computer Inc., historical P/BV calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 601,418,482 | 598,989,428 | 596,971,133 | 594,273,308 | 596,817,646 | 593,481,352 | 593,481,352 | 593,481,352 | 585,565,270 | 559,333,300 | 533,135,420 | 529,059,470 | 524,884,940 | 536,371,580 | 529,228,860 | 523,470,390 | 519,068,730 | 515,633,160 | 510,758,180 | 505,904,660 | 499,343,370 | 505,753,100 | 517,821,280 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Total Super Micro Computer, Inc. stockholders’ equity (in thousands) | 7,575,430) | 6,992,015) | 6,523,390) | 6,301,693) | 6,379,319) | 6,238,307) | 5,876,754) | 5,417,206) | 5,093,993) | 3,076,910) | 2,165,378) | 1,972,005) | 1,768,407) | 1,818,677) | 1,625,036) | 1,425,575) | 1,273,743) | 1,186,668) | 1,132,622) | 1,096,225) | 1,053,780) | 1,064,047) | 1,072,573) | |||||||
| Book value per share (BVPS)2 | 12.60 | 11.67 | 10.93 | 10.60 | 10.69 | 10.51 | 9.90 | 9.13 | 8.70 | 5.50 | 4.06 | 3.73 | 3.37 | 3.39 | 3.07 | 2.72 | 2.45 | 2.30 | 2.22 | 2.17 | 2.11 | 2.10 | 2.07 | |||||||
| Share price1, 3 | 33.52 | 34.38 | 39.76 | 43.97 | 33.52 | 45.54 | 45.54 | 45.54 | 83.04 | 57.96 | 25.50 | 25.52 | 13.72 | 8.43 | 7.66 | 6.93 | 5.12 | 3.82 | 4.66 | 3.57 | 3.64 | 3.20 | 2.80 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/BV ratio4 | 2.66 | 2.95 | 3.64 | 4.15 | 3.14 | 4.33 | 4.60 | 4.99 | 9.55 | 10.54 | 6.28 | 6.85 | 4.07 | 2.49 | 2.49 | 2.54 | 2.09 | 1.66 | 2.10 | 1.65 | 1.72 | 1.52 | 1.35 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Apple Inc. | — | 38.64 | 43.20 | 54.18 | 45.62 | 45.92 | 53.11 | 59.17 | 50.11 | 37.90 | 38.73 | 44.21 | 47.21 | 43.92 | 43.09 | 48.89 | 44.95 | 37.86 | 38.64 | 38.96 | 37.28 | 32.20 | 34.75 | |||||||
| Arista Networks Inc. | — | — | 13.73 | 14.48 | 14.85 | 16.00 | 10.73 | 13.11 | 13.64 | 12.91 | 11.63 | 11.50 | 9.58 | 9.81 | 7.81 | 8.87 | 8.90 | 8.90 | 8.46 | — | — | — | — | |||||||
| Cisco Systems Inc. | — | 6.36 | 6.52 | 5.71 | 5.47 | 5.64 | 5.01 | 4.31 | 4.13 | 4.23 | 4.30 | 5.19 | 4.66 | 4.91 | 4.94 | 4.69 | 4.51 | 5.92 | 5.46 | 5.99 | 5.59 | 5.02 | 4.64 | |||||||
| Dell Technologies Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 4.99 | 15.40 | 22.52 | — | — | — | — | |||||||
| Lumentum Holdings Inc. | 24.71 | 39.26 | 21.13 | 7.27 | 5.23 | 7.35 | 6.43 | 4.01 | 2.38 | 2.40 | 2.19 | 2.62 | 2.05 | 2.68 | 2.64 | 3.31 | 3.23 | 3.08 | 3.24 | 3.19 | 2.39 | 3.47 | 3.38 | |||||||
Based on: 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), 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 Q3 2026 Calculation
BVPS = Total Super Micro Computer, Inc. stockholders’ equity ÷ No. shares of common stock outstanding
= 7,575,430,000 ÷ 601,418,482 = 12.60
3 Closing price as at the filing date of Super Micro Computer Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 33.52 ÷ 12.60 = 2.66
5 Click competitor name to see calculations.
An analysis of the valuation metrics from September 2020 through March 2026 reveals a significant divergence between the intrinsic book value of the company and its market valuation, characterized by a period of extreme expansion followed by a sustained correction.
- Book Value per Share (BVPS) Growth
- The book value per share demonstrates a consistent and uninterrupted upward trajectory over the entire observed period. Starting at US$ 2.07 in September 2020, the BVPS grew steadily to US$ 3.39 by December 2022, before accelerating to US$ 12.60 by March 2026. This indicates a continuous accumulation of net assets and a strengthening of the company's underlying financial position.
- Share Price Volatility
- The share price exhibited three distinct phases. An initial period of moderate growth occurred between September 2020 and December 2022, with the price rising from US$ 2.80 to US$ 8.43. This was followed by a period of rapid escalation, peaking at US$ 83.04 in March 2024. Subsequently, a corrective phase emerged, with the price declining to US$ 33.52 by March 2026, despite the continued growth in book value.
- Price to Book Value (P/BV) Ratio Interpretation
- The P/BV ratio reflects a dramatic shift in market sentiment. From September 2020 to December 2022, the ratio remained relatively stable, ranging between 1.35 and 2.54. A period of aggressive valuation expansion began in March 2023, with the ratio climbing from 4.07 to a peak of 10.54 in December 2023, suggesting that the market was pricing in significant growth expectations far beyond the company's tangible assets.
- Valuation Normalization
- Following the peak in late 2023, a contraction in the P/BV ratio is observed. From the high of 10.54, the ratio declined steadily to 2.66 by March 2026. This compression occurred while BVPS continued to rise, indicating that the decline in the P/BV ratio was driven primarily by the reduction in share price rather than a deterioration of the company's asset base. The final ratio of 2.66 suggests a return to valuation levels more closely aligned with the historical norms observed prior to 2023.
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