diff --git a/metadata_please/source_checkout.py b/metadata_please/source_checkout.py
index 497e643..48837ea 100644
--- a/metadata_please/source_checkout.py
+++ b/metadata_please/source_checkout.py
@@ -25,6 +25,7 @@
 from configparser import NoOptionError, NoSectionError, RawConfigParser
 
 from packaging.utils import canonicalize_name
+from packaging.version import Version
 
 from .source_checkout_ast import SetupFindingVisitor, UNKNOWN
 
@@ -139,22 +140,41 @@ def _translate_caret(specifier: str) -> str:
     Given a string like "^0.2.3" returns ">=0.2.3,<0.3.0".
     """
     assert "," not in specifier
-    parts = specifier[1:].split(".")
-    while len(parts) < 3:
-        parts.append("0")
-
-    for i in range(len(parts)):
-        if parts[i] != "0":
-            # The docs are not super clear about how this behaves, but let's
-            # assume integer-valued parts and just let the exception raise
-            # otherwise.
-            incremented = parts[:]
-            incremented[i] = str(int(parts[i]) + 1)
-            del incremented[i + 1 :]
-            incremented_version = ".".join(incremented)
-            break
+
+    version = Version(specifier[1:])
+
+    # version.release takes out the pre- and post- parts and leaves only numbers
+    version_parts = list(version.release)
+
+    if version.is_prerelease or version.is_postrelease:
+        # Return next version, incrementing the least significant number
+        version_parts[-1] += 1
+
     else:
-        raise ValueError("All components were zero?")
+        if version.major == version.minor == version.micro == 0:
+            raise ValueError("All components were zero?")
+
+        if version.major > 0 or version.minor == 0:
+            # Next major version
+            version_parts[0] += 1
+
+            # Set the rest of the values to 0
+            for i in range(1, len(version_parts)):
+                version_parts[i] = 0
+
+        elif version.minor > 0 or version.micro == 0:
+            # Next minor version.
+            version_parts[1] += 1
+
+            # Set the rest of the values to 0
+            for i in range(2, len(version_parts)):
+                version_parts[i] = 0
+
+        else:
+            # Next patch version
+            version_parts[2] += 1
+
+    incremented_version = ".".join([str(i) for i in version_parts])
     return f">={specifier[1:]},<{incremented_version}"
 
 
diff --git a/metadata_please/tests/source_checkout.py b/metadata_please/tests/source_checkout.py
index 8fb0191..bedebc8 100644
--- a/metadata_please/tests/source_checkout.py
+++ b/metadata_please/tests/source_checkout.py
@@ -105,6 +105,7 @@ def test_poetry_full(self) -> None:
 a2 = "*"
 b = "^1.2.3"
 b2 = "^0.2.3"
+b3 = "^0.44b0"
 c = "~1.2.3"
 c2 = "~1.2"
 c3 = "~1"
@@ -124,15 +125,16 @@ def test_poetry_full(self) -> None:
                 [
                     "a==1.0",
                     "a2",
-                    "b>=1.2.3,<2",
-                    "b2>=0.2.3,<0.3",
+                    "b>=1.2.3,<2.0.0",
+                    "b2>=0.2.3,<0.3.0",
+                    "b3>=0.44b0,<0.45",
                     "c>=1.2.3,<1.3",
                     "c2>=1.2,<1.3",
                     "c3>=1,<2",
                     "d==2 ; python_version < '3.11'",
                     "e==2 ; sys_platform == 'darwin'",
                     "complex[bar,baz]==2",
-                    'opt>=2.9,<3 ; extra == "foo"',
+                    'opt>=2.9,<3.0 ; extra == "foo"',
                 ],
                 rv.reqs,
             )