Nasdaq: SMCI · Technology Hardware, Storage & Peripherals
Supermicro
Super Micro Computer (Supermicro), a Silicon Valley-based provider of total IT solutions, builds rack-scale server and storage systems, including liquid-cooled AI systems compatible with NVIDIA’s Blackwell platforms. Net sales grew from $3.6 billion in fiscal 2021 to $39.1 billion in fiscal 2026 (year ended June 30, 2026), with net income of $2.2 billion; $27.7 billion came from the United States. Working-capital needs drove operating cash flow to −$6.8 billion in fiscal 2026, funded by debt and a June 2026 mandatory convertible preferred offering. One customer exceeded 10% of fiscal 2026 net sales. Three former associates, including a former senior vice president and director, were indicted for an alleged export-control conspiracy; the company is not named as a defendant.
Last updated
Analysis last edited: November 3, 2026 · Financial data fetched: November 3, 2026 02:18 (SEC EDGAR) · Source 10-K filed: August 31, 2026
Built on10-K FY2026 · filed 2026-08-3110-Q (quarter ended 2026-09-30) · filed 2026-11-06Proxy statement (2026)
Next update expectedAfter FY2027’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 61.5%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 7.1%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +2.9 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- -1.2x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- -3.05x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- —
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 5.7x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 2.45
Higher than 99% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 20% of 311 non-financial companies
Latest fiscal year (FY2026)
Higher than 49% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 8% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 0% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$31.85close on 2026-11-04
Market cap$20.92B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 5.7x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 1.4x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 6.2x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- -33.3%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- —
At FY2026 year-end: 9.0x
Earnings: trailing 12 months to 2026-09-30
At FY2026 year-end: 1.3x
Book value at FY2026 year-end
At FY2026 year-end: 5.6x
EBITDA for FY2026
At FY2026 year-end: -36.2%
Free cash flow for FY2026
Dividends per share for FY2026
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$5.02B → $19.95B (vs. a year earlier)↑ +297.5%$5.02B → $19.95B (vs. a year earlier)
- Operating margin3.6% → 10.4% (vs. a year earlier)↑ +6.7 pts3.6% → 10.4% (vs. a year earlier)
- Net income$168M → $1.59B (vs. a year earlier)↑ +847.3%$168M → $1.59B (vs. a year earlier)
- Diluted EPS$0.26 → $1.75 (vs. a year earlier)↑ +573.1%$0.26 → $1.75 (vs. a year earlier)
- Cash$7.52B → $6.9B (vs. previous quarter-end)↓ −8.3%$7.52B → $6.9B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Nov 3, 2026.
Management outlook • Issued
Expects fiscal 2027 net sales of $72.0B–$82.0B. Source sentence
For fiscal year 2027, the Company expects net sales in the range of $72.0 billion to $82.0 billion.
Key changes
Non-GAAP gross margin 12.8%. Source sentence
The Non-GAAP gross margin for the first quarter of fiscal year 2027 was 12.8% with adjustments for stock-based compensation expense of $8 million.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- Super Micro Computer, Inc.
- Headquarters
- SAN JOSE, CA
- Incorporated in
- California
- Fiscal year end
- 06/30
- Exchange & ticker
- Nasdaq: SMCI
- Industry
- Technology Hardware, Storage & Peripherals
- CIK
- 1375365
- IR page
- https://ir.supermicro.com/ ↗
Workforce (as of FY2026 year-end)
Employees
7,000
Source: Form 10-K (FY2026) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q2 FY2027
Quarter end: December 2026. In past years, Q2 results were released 29–42 days after quarter end (Feb 3, 2026; Feb 11, 2025; Jan 29, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around June 30.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 29–226 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q1 FY2027 | Sep 30, 2026 | Nov 3, 2026 (+34 days) | Nov 6, 2026 10-Q (+37 days) |
| Q4 FY2026 | Jun 30, 2026 | Aug 11, 2026 (+42 days) | Aug 31, 2026 10-K (+62 days) |
| Q3 FY2026 | Mar 31, 2026 | May 5, 2026 (+35 days) | May 11, 2026 10-Q (+41 days) |
| Q2 FY2026 | Dec 31, 2025 | Feb 3, 2026 (+34 days) | Feb 6, 2026 10-Q (+37 days) |
| Q1 FY2026 | Sep 30, 2025 | Nov 4, 2025 (+35 days) | Nov 7, 2025 10-Q (+38 days) |
| Q4 FY2025 | Jun 30, 2025 | Aug 5, 2025 (+36 days) | Aug 28, 2025 10-K (+59 days) |
| Q3 FY2025 | Mar 31, 2025 | May 6, 2025 (+36 days) | May 12, 2025 10-Q (+42 days) |
| Q2 FY2025 | Dec 31, 2024 | Feb 11, 2025 (+42 days) | Feb 25, 2025 10-Q (+56 days) |
| Q1 FY2025 | Sep 30, 2024 | Feb 11, 2025 (+134 days) | Feb 25, 2025 10-Q (+148 days) |
| Q4 FY2024 | Jun 30, 2024 | Feb 11, 2025 (+226 days) | Feb 25, 2025 10-K (+240 days) |
| Q3 FY2024 | Mar 31, 2024 | Apr 30, 2024 (+30 days) | May 6, 2024 10-Q (+36 days) |
| Q2 FY2024 | Dec 31, 2023 | Jan 29, 2024 (+29 days) | Feb 2, 2024 10-Q (+33 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Systems
AI and GPU systems
Rack-scale and liquid-cooled systems for NVIDIA Blackwell and upcoming Vera Rubin platforms.
Systems
Servers and storage
Server, storage and edge systems built from modular building blocks.
From the Form 10-K, FY2026, year ended 2026-06-30.
U.S. and worldwide share of flagship products/services
No market share figure is stated in the 10-K.
07
Recent strategic focusSite analysis
Recent developments.
Fiscal 2026
Net sales $39,063M (vs $21,972M); diluted EPS $3.26 (vs $1.68).
Source: Form 10-K (FY2026, year ended 2026-06-30)
Preferred offering
Issued 7.00% Series A mandatory convertible preferred stock in June 2026.
Source: Form 8-K (2026-06-15)
CFO transition
The board announced a chief financial officer transition on October 14, 2026.
Source: Form 8-K (2026-10-15)
Capex ÷ D&A (FY2026)
3.06x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$162M ÷ $53M = 3.06x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2026)
2.0%
formularesearch & development expense ÷ revenue × 100
e.g.$771M ÷ $39,063M × 100 = 2.0%
M&A spend (6-year total)
$2M
Latest year: $0
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $58M in FY2021 to $162M in FY2026
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-08-31
08
Key figures at a glanceFrom SEC data
FY2021–FY2026, 6 years.
Revenue (FY2026)
$39.06B
As reported in the 10-K
Revenue CAGR (5 years)
+61.5%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($39,063M ÷ $3,557M) ^ (1÷5) − 1 = 61.5%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2026)
7.1%▲favorable
+3.6pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$2,770M ÷ $39,063M × 100 = 7.1%
ROE (FY2026)
21.5%▲favorable
6-year average: 23.5%
As reported in the 10-K
P/B (FY2026 end)
1.33x
formulafiscal year-end closing price ÷ book value per share
e.g.$29.33 ÷ $22.04 = 1.33x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2026 end)
5.6x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($19,266M + $4,056M − $7,521M) ÷ ($2,770M + $53M) = 5.6x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +61.5% a year over 5 years (strong growth)
From $3.56B in FY2021 to $39.06B in FY2026. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 3.5% → 7.1%
How much operating profit is left per $100 of revenue. It moved +3.6 points over 5 years — pricing power, cost control, and product mix all show up here.
- ―
Equity ratio is 48.4% (a middling level)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▼
Free cash flow was positive in 3 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 23.5% over 6 years (latest: 21.5%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- System design (server building blocks, liquid cooling)
- Rack-scale integration and testing
- Global service and support
06 · what it draws on
Key resources
- Over 7,000 employees, about 3,500 in R&D (June 2026)
- GPUs and CPUs from chip suppliers such as NVIDIA
- U.S., Taiwan and other manufacturing
02 · why customers buy
Value propositions
- Server, storage and rack-scale AI systems built from modular building blocks.
04 · how it keeps them
Customer relationships
- Ongoing maintenance and 24/7 technical support.
03 · how it reaches them
Channels
- Direct sales force and channel partners.
01 · who it serves
Customer segments
- Cloud and AI data-center operators
- Enterprises
- One customer ≥10% of FY2026 net sales
09 · where money goes
Cost structure
FY2026, share of revenue ($39.06B)
- Cost of revenue89.2%
- Research & development2.0%
- Selling, general & administrative0.9%
- Other operating costs0.9%
Operating profit left: 7.1% of revenue. Depreciation & amortization (inside the costs above): $53M. Capital spending: $162M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Net sales $39,063M (FY2026)
- United States $27,690M; Asia $6,063M; Europe $2,674M
- No dividend on common stock
Value propositions, channels and customer relationships: Form 10-K (FY2026)
Designs and assembles server, storage and rack-scale AI systems from building blocks, selling to cloud, enterprise and AI customers directly and through channels.
01 what it draws on
Inputs & resources
- Over 7,000 employees, about 3,500 in R&D (June 2026)
- GPUs and CPUs from chip suppliers such as NVIDIA
- U.S., Taiwan and other manufacturing
02 what it does
Activities
- System design (server building blocks, liquid cooling)
- Rack-scale integration and testing
- Global service and support
03 who it serves
Customers
- Cloud and AI data-center operators
- Enterprises
- One customer ≥10% of FY2026 net sales
04 how money comes in
How it earns
- Net sales $39,063M (FY2026)
- United States $27,690M; Asia $6,063M; Europe $2,674M
- No dividend on common stock
How the business makes money
- One reportable segment.
- 10-for-1 stock split in September 2024.
- Issued 7.00% Series A mandatory convertible preferred in June 2026.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Export controls on advanced AI chips and related government inquiries are Supermicro’s main non-market exposure.
Trade & export rules
AI chip export rules
In January 2025 U.S. export rules for advanced chips added a worldwide authorization requirement for some products.
Constrains the businessTouches: Customers · How it earnsApprovals & licenses
Government inquiries
SEC, DOJ and BIS inquiries followed the indictment of three former associates.
Constrains the businessTouches: Activities
Revenue by segment (FY2026)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Server and storage systems (single segment)
39,063 (100%)
Source: Form 10-K (FY2026, year ended 2026-06-30) One reportable segment.
10
Where it earnsSite analysis
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2026)
United States — 71% of revenue
Revenue by country / region (FY2026)
Unit: $M — bar length = revenue, (%) = share of total company revenue
United States
27,690.1 (71%)Asia
6,063.3 (16%)Europe
2,674.5 (7%)Other
2,635.1 (7%)
Source: Form 10-K (FY2026, year ended 2026-06-30) Net sales by region; Other is the remainder of total net sales.
11
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K names global technology vendors (Cisco, Dell, Hewlett Packard Enterprise, Lenovo) and ODMs (Foxconn, Quanta Computer, Wiwynn) as principal competitors.
Competitors named in the 10-K
Servers and AI systems
- Cisco Systemssite ↗
- Dell Technologiessite ↗
- Hewlett Packard Enterprisesite ↗
- Lenovosite ↗
- Foxconn (Hon Hai)site ↗
- Quanta Servicessite ↗
- Wiwynnsite ↗
Peer group the company chose
FY2025 peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
FY2025 compensation peer group from the 2026 proxy statement (also includes Electronic Arts).
- onsemisite ↗
- Juniper Networkssite ↗
- Keysight Technologiessite ↗
- Marvell Technologysite ↗
- Microchip Technologysite ↗
- NetAppsite ↗
- Seagate Technologysite ↗
- Toastsite ↗
- Teledynesite ↗
- CDWsite ↗
- Corningsite ↗
- Hewlett Packard Enterprisesite ↗
- HP Inc.site ↗
- Jabilsite ↗
- KLAsite ↗
- Lam Researchsite ↗
- Micron Technologysite ↗
- Sanminasite ↗
- TE Connectivitysite ↗
- Workdaysite ↗
- Western Digitalsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-08-31
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-08-31
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-08-31
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-08-31
| Line item | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ | FY202610-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 3,557 | 5,196 | 7,123 | 14,989 | 21,972 | 39,063 |
| Operating income | 124 | 335 | 761 | 1,211 | 1,253 | 2,770 |
| Pretax income | 119 | 337 | 754 | 1,214 | 1,212 | 2,789 |
| Net income (attributable) | 112 | 285 | 640 | 1,153 | 1,049 | 2,230 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 46.1% | 37.1% | 110.4% | 46.6% | 77.8% |
| Operating margincalcoperating income ÷ revenue × 100 | 3.5% | 6.5% | 10.7% | 8.1% | 5.7% | 7.1% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 3.1% | 5.5% | 9.0% | 7.7% | 4.8% | 5.7% |
| Balance sheet ($M) | ||||||
| Total assets | 2,242 | 3,205 | 3,675 | 9,826 | 14,018 | 29,945 |
| Total equity | 1,096 | 1,426 | 1,972 | 5,417 | 6,302 | 14,480 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 98 | 597 | 290 | 476 | 112 | 4,056 |
| Equity ratio | 48.9% | 44.5% | 53.7% | 55.1% | 45.0% | 48.4% |
| ROE | 10.2% | 22.6% | 37.7% | 31.2% | 17.9% | 21.5% |
| Cash flow ($M) | ||||||
| Operating CF | 123 | -441 | 664 | -2,486 | 1,660 | -6,810 |
| Investing CF | -58 | -46 | -39 | -194 | -183 | -200 |
| Financing CF | -44 | 523 | -448 | 3,912 | 2,024 | 9,479 |
| Free cash flowcalccash flow from operations − capital expenditures | 65 | -486 | 627 | -2,610 | 1,532 | -6,972 |
| Cash and equivalents | 232 | 267 | 440 | 1,670 | 5,170 | 7,521 |
| Per share & other | ||||||
| EPS ($) | 0.21 | 0.53 | 1.14 | 1.92 | 1.68 | 3.26 |
| BVPS ($) | 2.17 | 2.73 | 3.73 | 9.21 | 10.61 | 22.04 |
| P/E (x) | 16.8 | 7.6 | 21.9 | 42.7 | 29.2 | 9.0 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 10.8 | 6.8 | 16.5 | 37.9 | 18.6 | 5.6 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 1.62 | 1.48 | 6.69 | 8.89 | 4.62 | 1.33 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $19.95B+297.5% | $2.06B+1032.7% | $1.59B+847.3% | $1.75 |
| 2026-06-30 † | $11.12B+93.2% | $1.49B+551.5% | $1.18B+503.7% | — |
| 2026-03-31 | $10.24B+122.7% | $626M+326.4% | $483M+344.4% | $0.72 |
| 2025-12-31 | $12.68B+123.4% | $474M+28.7% | $401M+24.9% | $0.60 |
| 2025-09-30 | $5.02B | $182M | $168M | $0.26 |
| 2025-06-30 † | $5.76B | $228M | $195M | — |
| 2025-03-31 | $4.6B | $147M | $109M | $0.17 |
| 2024-12-31 | $5.68B | $369M | $321M | $0.51 |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2026)
18.9%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$2,770M × (1 − 15%) ÷ $12,475M × 100 = 18.9%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
15.93%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $19.27B ÷ ($19.27B + $4.06B) = 82.6%
e.g.Debt weight: $4.06B ÷ ($19.27B + $4.06B) = 17.4%
e.g.WACC: 18.4% × 82.6% + 4.8% × (1 − 15%) × 17.4% = 15.93%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 13.2%–19.0% and ROIC − WACC runs −0.2 to +5.7 points. The sign flips inside this range, so the result depends on the assumptions. This describes the latest year and does not predict future value creation.
WACC 15.93% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 2.45 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 18.43%
- Cost of debt
- 4.80%
- Tax rate
- 15% (effective rate, FY2024–FY2026)
- Capital structure (equity : debt)
- 83% : 17%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 15.93%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 2.45 (price-derived adjusted beta. Raw β 3.16, R² 0.17, 129 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 3.163 + 0.33 = 2.450
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 2.45 × 5.5% = 18.4%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Not enough data for this calculation (FY2026): it needs positive free cash flow, a fiscal year-end P/E, and a positive enterprise value.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- !
Operating CF ÷ net income: averages -0.51x
Cash coming in trails reported profit. Worth checking for rising receivables/inventory or one-off gains.
- !
Accrual ratio (latest): 41.1%
A larger share of profit is non-cash accruals, which research associates with profit that tends to fade in later periods.
- ✓
Core-earnings share (operating income ÷ pretax income): 99%
Most profit comes from core operations.
- ✓
Days sales outstanding: 48 → 39 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-08-31
Profit bridge (FY2026)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-08-31
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$-6,810M ÷ $2,230M = -3.05x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$2,770M ÷ $2,789M × 100 = 99%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($2,204M + $6,125M) ÷ 2 ÷ $39,063M × 365 = 39 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($4,680M + $12,896M) ÷ 2 ÷ $34,836M × 365 = 92 days
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 68.6%
- Directors & officers (shares)
- 16.1%
- Everyone else (est.)
- 15.3%
- Directors & officers (voting power)
- 16.1%
- Institutional-ownership rank
- 384 of 416
- Beta (adjusted)
- 2.45
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 92% of covered companies have more
above 1 = swings more than the market
- 450.6M shares reported by 768 13F filers ÷ 657.0M shares outstanding on 2026-07-31. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-03 (beneficial ownership table) · Form 10-K cover page (shares outstanding as of 2026-07-31)
19
Strengths & weaknessesSite analysis
Strengths
1. Explosive growth
Net sales grew from $7.1B (FY2023) to $39.1B (FY2026).
Evidence: Form 10-K (FY2026, year ended 2026-06-30)
2. AI platform alignment
Builds systems for NVIDIA’s Blackwell and Vera Rubin platforms.
Evidence: Form 10-K (FY2026, year ended 2026-06-30)
3. Engineering depth
About 3,500 of 7,000+ employees work in R&D.
Evidence: Form 10-K (FY2026, year ended 2026-06-30)
Weaknesses
1. Cash burn
Operating cash flow of −$6,810M in FY2026.
Evidence: Form 10-K (FY2026, year ended 2026-06-30)
2. Rising debt
Interest-bearing debt rose to $4,056M at June 30, 2026 from $112M.
Evidence: Form 10-K (FY2026, year ended 2026-06-30)
3. Thin margins
Operating margin about 7% in FY2026.
Evidence: Form 10-K (FY2026, year ended 2026-06-30)
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2026)
9.0x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2026)
—
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2026)
—
Dividends per share ÷ diluted EPS
FCF yield (FY2026)
-36.2%
(Operating CF − capex) ÷ market cap
1. AI infrastructure growth
Net sales grew about 5x in three years.
- What has to hold
- AI data-center spending continues.
- The other side
- Margin pressure and customer concentration.
Evidence: Form 10-K (FY2026, year ended 2026-06-30)
2. Low valuation
P/E of about 9 at fiscal 2026 year-end.
- What has to hold
- Profits are sustained.
- The other side
- Legal and governance risk.
Evidence: Form 10-K (FY2026, year ended 2026-06-30)
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2026)
Cash & short-term investments ÷ debt due within a year
—
$7.54B vs. —
Interest coverage (operating income ÷ interest expense)
14.2x
$2.77B vs. $195M
Free cash flow ÷ dividends paid
—
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Operating income | No decline in the record | — |
Covers only the 6 fiscal years on record (FY2021–FY2026), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Profitable every year
Net income positive each year FY2021–FY2026.
Source: Form 10-K (FY2026, year ended 2026-06-30)
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Supermicro faces SEC, DOJ and BIS inquiries tied to the indictment of three former associates for alleged export-control violations, plus shareholder litigation.
2 open matters (1 flagged as major)
Export-control indictment and related inquiries
PendingGovernment investigationMajorU.S. Attorney (SDNY); SEC; BIS; Supermicro
Three former associates, including former SVP and director Wally Liaw, were indicted for an alleged export-control conspiracy; Supermicro is not a defendant but received SEC, SDNY grand jury and BIS subpoenas and is cooperating.
Stockholder suits
PendingClass actionShareholders; Supermicro
Has been and is subject to stockholder derivative and class action lawsuits.
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-K (FY2026, year ended 2026-06-30) — Legal Proceedings, reviewed 2026-11-03. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Law & regulation
Export controls and investigations
- Company disclosure (summarized from the 10-K)
- SEC, DOJ and BIS have subpoenaed documents after the indictment of three former associates for an alleged export-control conspiracy.
- Company’s stated mitigation
- We maintain an export compliance program designed to comply with applicable export controls.
- This site’s assessment
- Impact High / Likelihood High
- 2Customer/supplier concentration
Customer and supplier concentration
- Company disclosure (summarized from the 10-K)
- Large customers (one ≥10% in FY2026, four in FY2025) and dependence on GPU suppliers.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 3Funding & liquidity
Working capital needs
- Company disclosure (summarized from the 10-K)
- Rapid growth required large inventory and receivables funding.
- Company’s stated mitigation
- During fiscal year 2026, we entered into a credit agreement with JP Morgan for a Revolving Credit Facility of $2,000.0 million.
- This site’s assessment
- Impact Med / Likelihood High
- 4Competition & technology shift
Competition
- Company disclosure (summarized from the 10-K)
- Competes with Cisco, Dell, HPE, Lenovo and ODMs such as Foxconn, Quanta and Wiwynn.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 5Geopolitics & supply chain
AI chip export rules
- Company disclosure (summarized from the 10-K)
- U.S. export rules for advanced chips added worldwide authorization requirements in January 2025.
- Company’s stated mitigation
- We maintain an export compliance program designed to comply with applicable export controls.
- This site’s assessment
- Impact Med / Likelihood High
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
• We were delinquent in certain SEC reporting obligations in prior fiscal years, which may increase the risk of SEC enforcement actions, damage investor confidence, and require significant resources to correct. Read more
We have since implemented enhanced compliance controls to prevent recurrence;
On March 19, 2026, the U.S. Attorney’s Office for the Southern District of New York unsealed an indictment of three individuals either employed or associated with the Company at the time, including Yih-Shyan (Wally) Liaw, a former Senior Vice President, Business Development and director on our Board, in connection with an alleged conspiracy to commit export control violations (the “Indictment”). Although the Company is not named as a defendant or alleged to be a co-conspirator in the Indictment, and the three individuals are no longer employed or associated with the Company, the Company has been cooperating with the government’s investigation. The Indictment, as well as the prior publication of the Report and our previous Delinquent Reports have all contributed to significant volatility in, and declines of, the trading price of our common stock, as well as harm to our reputation, and…
AI or machine learning technologies usage by our service providers in their business activities, whether or not known to us, could also expose us to risks. Read more
The failure of one or more such service providers to meet our expectations, including by use of AI tools in contravention of agreements with us, inputting our confidential or proprietary information into AI tools, or roll-out of new AI tools without our approval, may have an adverse effect on our operations or financial condition, result in legal or regulatory violations, jeopardize our intellectual property rights or give rise to issues pertaining to data privacy and data protection.
Furthermore, laws and regulations focused on the use and provision of AI or machine learning technologies may impose certain obligations on us and could result in monetary penalties or other regulatory actions. Read more
The regulatory framework for AI continues to evolve and is largely unsettled and fast-moving to varying extents in the jurisdictions in which we operate. Uncertainty in the legal regulatory regime relating to AI may require significant resources to modify and maintain business practices to comply with laws, the nature of which cannot be determined at this time. These obligations may make it harder for us to conduct our business using AI, lead to regulatory fines or penalties, require us to change our product offerings or business practices, or prevent or limit our use of AI. If we cannot use AI, or that use is restricted, it could lead to business disruption, our business may be…
Climate change may have an increasingly adverse impact on our business and on our customers, partners and vendors. Read more
Water and energy availability and reliability in the regions where we conduct business is critical, and certain of our facilities may be vulnerable to the impacts of extreme weather events. Extreme heat and wind coupled with dry conditions in Northern California may lead to power safety shut offs due to wildfire risk, which can have adverse implications for our offices and data centers, including impairing the ability of our employees to work effectively. Climate change, its impact on our supply chain and critical infrastructure worldwide and its potential to increase political instability in regions where we, our customers, partners and our vendors do business, may disrupt our business and cause us to experience higher attrition, losses and costs to maintain or resume…
Our business and those of our suppliers and customers are subject to sustainability-related laws, regulations and lawsuits. Read more
New or proposed regulations relating to carbon taxes, fuel or energy taxes, pollution limits, sustainability-related disclosure and governance and supply chain governance could result in greater direct costs, including costs associated with changes to manufacturing processes or the procurement of raw materials used in manufacturing processes, increased capital expenditures to improve facilities and equipment, higher compliance and energy costs to reduce emissions, other compliance costs, and greater indirect costs resulting from our customers and/or suppliers incurring additional compliance costs that are passed on to us. These costs and restrictions could harm our business and results of operations by increasing our expenses or requiring us to alter our operations…
Stakeholder groups may find us insufficiently responsive to the implications of climate change, and therefore we may face legal action or reputational harm. Read more
Our business could be negatively impacted by concerns around the high absolute energy requirements of our GPUs, despite their much more energy efficient design and operation relative to alternative computing platforms.
We were delinquent in certain SEC reporting obligations in prior fiscal years, which may increase the risk of SEC enforcement actions, damage investor confidence, and require significant resources to correct. Read more
We have since implemented enhanced compliance controls to prevent recurrence.
No longer in the text (4)
• We have incurred and expect to continue to incur significant expenses related to the circumstances discussed in Item 9. Read more
“Changes in and Disagreements with Accountants on Accounting and Financial Disclosure” section in this Annual Report, the remediation of deficiencies in our internal control over financial reporting and disclosure controls and procedures discussed in Item 9A. “Controls and Procedures” of this Annual Report, and any resulting litigation;
• Matters relating to or arising from the circumstances discussed in Item 9. Read more
“Changes in and Disagreements with Accountants on Accounting and Financial Disclosure” section in this Annual Report, including adverse publicity and potential concerns from our customers, have had and could continue to have an adverse effect on our business and financial condition;
• Our operations are impacted by complex laws, rules and regulations related to export control to which our business is subject, and rapid changes in such laws, rules, and regulations as well as political and other actions related thereto may adversely impact our business;
• Our future effective income tax rates could be affected by changes in the relative mix of our operations, our relative income among different geographic regions, and domestic and foreign income tax laws, which could affect our future operating results, financial condition and cash flows;
27 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Aug 31, 2026 ↗ with the 10-K filed Aug 28, 2025 ↗.
25
What to watch going forwardSite analysis
- Outcome of SEC, DOJ and BIS inquiries.
- Cash flow and inventory.
- AI platform transitions.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: November 3, 2026 · Financial data fetched: November 3, 2026 02:18 (SEC EDGAR) · Source 10-K filed: August 31, 2026
Built on10-K FY2026 · filed 2026-08-31Proxy statement (2026)
Next update expectedAfter FY2027’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Supermicro’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.