As of Q2'26 (2025-12-31), SMCI's EV/Sales ratio stands at 1.44, marking a significant decrease from previous quarters. This latest data point reflects a sharp contraction compared to the recent high of 12.56 in Q3'24. Over the period from Q3'23 to Q2'26, the EV/Sales ratio exhibited considerable volatility. After a steady climb from 5.48 in Q3'23 to a peak of 12.56 in Q3'24, the ratio declined sharply, dropping to 4.17 by Q1'25 and continuing to trend downward, ultimately reaching its lowest point of 1.44 in Q2'26. This suggests a substantial shift in market valuation relative to sales, with the most pronounced correction occurring after Q3'24.