Oplink has almost $9 per share in cash, and the cash pile keeps growing every quarter. That's because the company has been profitable for several quarters now, and interest income has boosted net income as well. They have a forward P/E of about 16; valuation of Oplink on a P/S basis is misleadingly skewed due to the large cash balance. i.e. The cash inflates the market cap, which distorts the ratio of market cap to sales.