Even if it were operating as a going concern in steady state, I think a P:S of 2 or 3 would be ample. I think a P:S of 10 or 15 would be irrational. Even if it were steadily growing 20% quarter on quarter for several quarters, I think a number like 15 would be more likely the P:E than the P:S. (But what do I know? When the market capitalized the value of the company at $2.5 billion in March of 2000 I didn't sell every share I had.) .