As of Q2'26 (2025-12-31), SMCI's latest Price-to-Sales (P/S) ratio stands at 1.38, reflecting a moderate valuation relative to its recent historical range. This value represents a stabilization following significant fluctuations observed in prior quarters. Over the period from Q3'23 to Q2'26, the P/S ratio exhibited considerable volatility. The ratio surged from 1.10 in Q3'23 to a peak of 8.90 in Q4'24, before sharply declining to 1.30 by Q2'25 and remaining relatively stable around the 1.1–1.4 range thereafter. This trend suggests a period of heightened market optimism followed by a normalization in valuation, with the most notable inflection occurring between Q4'24 and Q2'25.