A Business at a Glance
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Super Micro Computer, Inc.
SMCI
$18.8B
Mkt Cap
$30.10
-3.53%
Super Micro Computer, Inc. (SMCI) has a current P/E ratio of 17.9, compared to its historical median P/E of 18.2. The stock is currently considered Fair based on its historical valuation range.
Super Micro Computer, Inc. (SMCI) has a 5-year average return on invested capital (ROIC) of 23.5%. This indicates strong capital allocation and a potential competitive advantage.
Super Micro Computer, Inc. (SMCI) has a market capitalization of $18.1B. It is classified as a large-cap stock.
Super Micro Computer, Inc. (SMCI) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 1.10%.
Based on historical P/E analysis, Super Micro Computer, Inc. (SMCI) appears fair. The current P/E of 17.9 is 2% below its historical median of 18.2. The estimated fair value CAGR (P/E method) is 61.1%.
Super Micro Computer, Inc. (SMCI) operates in the Electronic Computers industry, within the Technology sector.
Super Micro Computer is a Silicon Valley-based provider of total IT solutions addressing demanding workloads from enterprise and cloud to intelligent edge, delivering rack-scale solutions optimized for artificial intelligence, high-performance computing, and traditional enterprise data center applications. The company's business model centers on designing, manufacturing, and selling complete server and storage systems, modular blade servers, workstations, full-rack scale solutions, networking devices, and server subsystems, complemented by software management solutions and global services including installation, upgrade, and maintenance support. Super Micro generates revenue through direct sales and indirect channels via distributors, value-added resellers, system integrators, and original equipment manufacturers, with AI GPU-related platforms representing over 75–80% of recent revenues and enterprise channel revenue growing to approximately 28% of total revenue. The company's competitive moat derives from in-house design competencies, control over sub-systems, its proprietary Server Building Block Solutions® modular architecture enabling rapid product development, and advanced liquid cooling technologies that reduce power consumption and total cost of ownership; these capabilities allow Super Micro to achieve faster time-to-market with broader product portfolios than competitors. Key customers include cloud service providers, enterprise data centers, and emerging large-scale AI infrastructure operators, with the company operating manufacturing facilities in the United States, Taiwan, the Netherlands, and Malaysia to serve global markets efficiently.
【AI infrastructure momentum sustained】 Management expects continued strong demand for AI and IT infrastructure driven by large-scale data center deployments and cloud service provider expansion, with Data Center Building Block Solutions (DCBBS)—an integrated offering combining servers, storage, networking, racks, liquid cooling, software, and services—positioned to become a major profit contributor, targeting at least 20% of net income within two years. Gross margin recovery is underway following supply chain normalization, with management targeting double-digit margins as soon as possible and expecting continued improvement through customer and product mix optimization, economies of scale from higher revenues, and the cost-effective global manufacturing footprint including the Malaysia facility. The company anticipates enterprise channel diversification to accelerate, with new large-scale cloud and data center customers expected to expand the customer base and reduce concentration risk, while DCBBS adoption is expected to accelerate through calendar 2026 and beyond as customers prioritize faster deployment, energy efficiency, and lower total cost of ownership for AI infrastructure buildouts.
| Metric | Target | Period |
|---|---|---|
| Revenue | $11 billion–$12.5 billion | Q4 FY2026 (ending June 30, 2026) |
| Revenue | $38.9 billion–$40.4 billion | Full FY2026 |
| Gross margin | 8.2%–8.4% | Q4 FY2026 |
| Diluted EPS (GAAP) | $0.53–$0.67 | Q4 FY2026 |
| Diluted EPS (non-GAAP) | $0.65–$0.79 | Q4 FY2026 |
| Capital Expenditures | $30 million–$50 million | Q4 FY2026 |
Revenue (Q4 FY2026 (ending June 30, 2026)): “Turning to the outlook for Q4 fiscal year 2026, which ends June 30th, 2026, we expect net sales in the range of $11 billion-$12.5 billion.”
Revenue (Full FY2026): “For the full FY 2026, we expect net sales to be in the range of $38.9 billion-$40.4 billion.”
Gross margin (Q4 FY2026): “We expect gross margins to be in the range of 8.2%-8.4% based on expected customer mix.”
Diluted EPS (GAAP) (Q4 FY2026): “We expect GAAP diluted net income per share of $0.53-$0.67”
Diluted EPS (non-GAAP) (Q4 FY2026): “non-GAAP diluted net income per share of $0.65-$0.79”
Capital Expenditures (Q4 FY2026): “Capital Expenditures for Q4 are expected to be in the range of $30 million -$50 million.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2026 Earnings Call, Q3 FY2026 Earnings Call, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 33.7B | 22.0B | 15.0B | 7.1B | 5.2B | 3.6B |
| Net Income | 1.2B | 1.0B | 1.2B | 640M | 285M | 112M |
| EPS | $2.08 | $1.68 | $0.19 | $0.11 | $0.05 | $0.21 |
| Free Cash Flow | -6.8B | 1.5B | -2.6B | 627M | -486M | 65M |
| ROIC | 15.2% | 19.0% | 31.4% | 35.1% | 19.5% | 12.3% |
| Gross Margin | 8.4% | 11.1% | 13.8% | 18.0% | 15.4% | 15.0% |
| Debt/Equity | 0.24 | 0.74 | 0.31 | 0.15 | 0.42 | 0.09 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 1.5B | 1.3B | 1.2B | 761M | 335M | 124M |
| Operating Margin | 4.5% | 5.7% | 8.1% | 10.7% | 6.5% | 3.5% |
| ROE | 16.5% | 17.9% | 31.2% | 37.7% | 22.6% | 10.3% |
| Shares Outstanding | 601M | 624M | 6,003M | 5,614M | 5,380M | 535M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.5B | 2.0B | 2.2B | 2.5B | 3.4B | 3.5B | 3.3B | 3.6B | 5.2B | 7.1B | 15.0B | 22.0B | 33.7B |
| Gross Margin | 15.4% | 15.7% | 14.9% | 14.1% | 12.8% | 14.2% | 15.8% | 15.0% | 15.4% | 18.0% | 13.8% | 11.1% | 8.4% |
| R&D | 84M | 101M | 124M | 144M | 165M | 180M | 221M | 224M | 272M | 307M | 464M | 637M | 753M |
| SG&A | 23M | 25M | 40M | 45M | 99M | 141M | 134M | 101M | 102M | 100M | 197M | 267M | 290M |
| EBIT | 80M | 133M | 107M | 95M | 95M | 97M | 86M | 124M | 335M | 761M | 1.2B | 1.3B | 1.5B |
| Op. Margin | 5.5% | 6.8% | 4.8% | 3.8% | 2.8% | 2.8% | 2.6% | 3.5% | 6.5% | 10.7% | 8.1% | 5.7% | 4.5% |
| Net Income | 54M | 102M | 72M | 67M | 46M | 72M | 84M | 112M | 285M | 640M | 1.2B | 1.0B | 1.2B |
| Net Margin | 3.7% | 5.2% | 3.2% | 2.7% | 1.4% | 2.1% | 2.5% | 3.1% | 5.5% | 9.0% | 7.7% | 4.8% | 3.7% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 13.4% | 16.5% | 12.1% | 9.6% | 7.5% | 8.3% | 9.8% | 12.3% | 19.5% | 35.1% | 31.4% | 19.0% | 15.2% |
| ROE | 12.8% | 18.7% | 11.0% | 9.1% | 5.7% | 8.1% | 8.4% | 10.3% | 22.6% | 37.7% | 31.2% | 17.9% | 16.5% |
| ROA | 7.6% | 10.8% | 6.3% | 4.9% | 2.8% | 4.2% | 4.7% | 5.4% | 10.5% | 18.6% | 17.1% | 8.8% | 5.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 6.5M | -46M | 108M | -96M | 84M | 263M | -30M | 123M | -441M | 664M | -2.5B | 1.7B | -6.7B |
| Free Cash Flow | -34M | -81M | 74M | -126M | 60M | 238M | -75M | 65M | -486M | 627M | -2.6B | 1.5B | -6.8B |
| Owner Earnings | -11M | -69M | 78M | -132M | 38M | 217M | -79M | 66M | -498M | 582M | -2.7B | 1.3B | -7.1B |
| CapEx | 41M | 35M | 34M | 29M | 25M | 25M | 44M | 58M | 45M | 37M | 124M | 127M | 156M |
| Maint. CapEx | 6.4M | 8.1M | 13M | 16M | 22M | 24M | 28M | 28M | 25M | 27M | 30M | 41M | 50M |
| Growth CapEx | 34M | 27M | 21M | 13M | 3.0M | 647K | 16M | 30M | 20M | 9.9M | 94M | 86M | 106M |
| D&A | 6.4M | 8.1M | 13M | 16M | 22M | 24M | 28M | 28M | 25M | 27M | 30M | 41M | 50M |
| CapEx/OCF | 620.5% | N/A | 31.6% | N/A | 29.4% | 9.5% | N/A | 47.2% | N/A | 5.5% | N/A | 7.7% | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 18M | 0 | 0 | 0 | 130M | 0 | 150M | 0 | 200M | 200M |
| Buyback Yield | N/A | N/A | N/A | 1.5% | N/A | N/A | N/A | 6.8% | N/A | 1.1% | N/A | 0.7% | 1.1% |
| Stock-Based Comp | 11M | 14M | 17M | 20M | 25M | 21M | 20M | 29M | 33M | 54M | 232M | 314M | 389M |
| Debt Repayment | 6.3M | 36M | 34M | 140M | 220M | 68M | 159M | 61M | 641M | 1.4B | 2.0B | 1.8B | 1.8B |
| Balance Sheet | |||||||||||||
| Net Debt | -31M | 1.5M | -85M | 51M | 804K | -225M | -181M | -134M | 329M | -150M | 28M | -525M | 516M |
| Cash & Equiv. | 95M | 93M | 179M | 111M | 115M | 248M | 211M | 232M | 267M | 440M | 1.7B | 5.2B | 1.3B |
| Long-Term Debt | 3.7M | 933K | 40M | 0 | N/A | 0 | 5.7M | 35M | 148M | 120M | 1.7B | 4.6B | 1.8B |
| Debt/Equity | 0.14 | 0.15 | 0.13 | 0.21 | 0.14 | 0.03 | 0.03 | 0.09 | 0.42 | 0.15 | 0.31 | 0.74 | 0.24 |
| Interest Coverage | 106.0 | 137.5 | 67.4 | 41.3 | 16.5 | 14.5 | 38.3 | 49.9 | 52.3 | 72.6 | 62.6 | 21.0 | 11.0 |
| Equity | 469M | 619M | 696M | 774M | 843M | 941M | 1.1B | 1.1B | 1.4B | 2.0B | 5.4B | 6.3B | 7.6B |
| Total Assets | 796M | 1.1B | 1.2B | 1.5B | 1.8B | 1.7B | 1.9B | 2.2B | 3.2B | 3.7B | 9.8B | 14.0B | 23.5B |
| Total Liabilities | 327M | 471M | 495M | 741M | 926M | 741M | 853M | 1.1B | 1.8B | 1.7B | 4.4B | 7.7B | 15.9B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 272M | 374M | 419M | 486M | 532M | 612M | 696M | 658M | 943M | 1.4B | 2.6B | 3.4B | 4.5B |
| Working Capital | 343M | 460M | 545M | 589M | 719M | 816M | 885M | 898M | 1.3B | 1.8B | 6.6B | 10.0B | 13.4B |
| Current Assets | 654M | 914M | 954M | 1.3B | 1.5B | 1.4B | 1.6B | 1.9B | 2.8B | 3.2B | 8.9B | 12.3B | 21.6B |
| Current Liabilities | 311M | 454M | 410M | 673M | 812M | 606M | 708M | 969M | 1.5B | 1.4B | 2.3B | 2.3B | 8.1B |
| Per Share Data | |||||||||||||
| EPS | 0.12 | 0.19 | 0.14 | 0.13 | 0.09 | 0.14 | 0.16 | 0.21 | 0.05 | 0.11 | 0.19 | 1.68 | 2.08 |
| Owner EPS | -0.02 | -0.12 | 0.15 | -0.26 | 0.07 | 0.42 | -0.15 | 0.12 | -0.09 | 0.10 | -0.46 | 2.09 | -11.86 |
| Book Value | 1.01 | 1.12 | 1.34 | 1.49 | 1.63 | 1.82 | 2.02 | 2.05 | 0.26 | 0.35 | 0.90 | 10.09 | 12.60 |
| Cash Flow/Share | 0.01 | -0.08 | 0.21 | -0.19 | 0.16 | 0.51 | -0.06 | 0.23 | -0.08 | 0.12 | -0.41 | 2.66 | 2.16 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 466.6M | 550.6M | 518.1M | 518.2M | 518.7M | 517.4M | 526.9M | 535.2M | 5.4B | 5.6B | 6.0B | 624.3M | 601.4M |
| Valuation | |||||||||||||
| P/E Ratio | 21.3 | 15.0 | 17.3 | 18.8 | 26.7 | 13.9 | 17.6 | 17.0 | 7.9 | 20.7 | 42.7 | 28.3 | 14.5 |
| P/FCF | N/A | N/A | 16.8 | N/A | 20.7 | 4.2 | N/A | 29.3 | N/A | 211.3 | N/A | 19.4 | N/A |
| EV/EBIT | 13.1 | 10.4 | 9.6 | 13.8 | 11.8 | 5.4 | 12.7 | 12.4 | 6.9 | 16.9 | 39.9 | 19.3 | 12.3 |
| Price/Book | 2.5 | 2.5 | 1.8 | 1.6 | 1.5 | 1.1 | 1.4 | 1.7 | 1.6 | 6.7 | 9.1 | 4.7 | 2.4 |
| Price/Sales | 0.5 | 0.8 | 0.6 | 0.5 | 0.3 | 0.3 | 0.4 | 0.5 | 0.4 | 0.8 | 2.1 | 1.2 | 0.5 |
| FCF Yield | -3.0% | -5.3% | 5.9% | -10.0% | 4.8% | 23.7% | -5.0% | 3.4% | -21.7% | 4.7% | -5.3% | 5.2% | -37.8% |
| Market Cap | 1.2B | 1.5B | 1.2B | 1.3B | 1.2B | 1.0B | 1.5B | 1.9B | 2.2B | 13.2B | 49.2B | 29.7B | 18.1B |
| Avg. Price | 1.69 | 3.16 | 2.75 | 2.46 | 2.23 | 1.84 | 2.25 | 3.15 | 4.08 | 9.55 | 53.20 | 43.68 | 30.10 |
| Year-End Price | 2.47 | 3.04 | 2.40 | 2.43 | 2.38 | 1.93 | 2.81 | 3.55 | 4.18 | 23.59 | 81.93 | 47.58 | 30.10 |
Super Micro Computer, Inc. passes 6 of 9 quality checks, suggesting mixed fundamentals.
Super Micro Computer, Inc. trades at 17.9x trailing earnings, compared to its 15-year median P/E of 18.2x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 12.3x vs a median of 19.4x. The company's 5-year average ROIC is 23.5% with a gross margin of 14.6%. Total shareholder yield (buybacks) is 1.1%. At current prices, the estimated annualized return to fair value is +55.7%.
Super Micro Computer, Inc. (SMCI) reported annual revenue of $22.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
Super Micro Computer, Inc. (SMCI) has a net profit margin of 4.8%. This is a modest margin.
Super Micro Computer, Inc. (SMCI) generated $1.5 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Super Micro Computer, Inc. (SMCI) has a debt-to-equity ratio of 0.74. This indicates moderate leverage.
Super Micro Computer, Inc. (SMCI) reported earnings per share (EPS) of $1.68 in its most recent fiscal year.
Super Micro Computer, Inc. (SMCI) has a return on equity (ROE) of 17.9%. This indicates the company generates strong returns for shareholders.
Super Micro Computer, Inc. (SMCI) has a 5-year average gross margin of 14.6%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 16 years of financial data for Super Micro Computer, Inc. (SMCI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Super Micro Computer, Inc. (SMCI) has a book value per share of $10.09, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued strong demand for AI and IT infrastructure driven by large-scale data center deployments and cloud service provider expansion, with Data Center Building Block Solutions (DCBBS)—an integrated offering combining servers, storage, networking, racks, liquid cooling, software, and services—positioned to become a major profit contributor, targeting at least 20% of net income within two years. Gross margin recovery is underway following supply chain normalization, with management targeting double-digit margins as soon as possible and expecting continued improvement through customer and product mix optimization, economies of scale from higher revenues, and the cost-effective global manufacturing footprint including the Malaysia facility. The company anticipates enterprise channel diversification to accelerate, with new large-scale cloud and data center customers expected to expand the customer base and reduce concentration risk, while DCBBS adoption is expected to accelerate through calendar 2026 and beyond as customers prioritize faster deployment, energy efficiency, and lower total cost of ownership for AI infrastructure buildouts.
Based on recent SEC filings and earnings calls, Super Micro Computer, Inc. (SMCI) has provided the following forward guidance: Revenue: $11 billion–$12.5 billion (Q4 FY2026 (ending June 30, 2026)); Revenue: $38.9 billion–$40.4 billion (Full FY2026); Gross margin: 8.2%–8.4% (Q4 FY2026); Diluted EPS (GAAP): $0.53–$0.67 (Q4 FY2026); Diluted EPS (non-GAAP): $0.65–$0.79 (Q4 FY2026), plus 1 additional metric.