the average P&#x2F;S ratio of the S&amp;P 500 is at a historic high around 1.8 (<a href="http:&#x2F;&#x2F;www.multpl.com&#x2F;s-p-500-price-to-sales" rel="nofollow">http:&#x2F;&#x2F;www.multpl.com&#x2F;s-p-500-price-to-sales</a>) with long term average at 1.4, so this is still double the long term average.  Square&#x27;s gross margins are very thin in comparison to many other &quot;household name&quot; tech companies, so it deserves a much lower P&#x2F;S.  I&#x27;ve also heard growth is really slowing.  This multiple doesn&#x27;t surprise me at all, and I still won&#x27;t be buying any of the stock.