Kinaxis ( TSX:KXS ) is brutally expensive right now. With a price-to-earnings ratio over 500 and a price-to-book ratio of 12.5 times, it's expensive, despite a 21% decline from its recent peak. This doesn't make for a very good combination, but there are still reasons that this stock might be a good buy. Kinaxis is a leader in the digital supply chain market, and its flagship platform — i.e., Rapid Response — has established a strong presence in its respective market.