Super Micro Computer, Inc. (SMCI) 10-Year Financial Performance & Capital Metrics

SMCI • • Industrial / General

TechnologyComputer HardwareSpecialized Computing SystemsHigh-Performance Servers

AboutSuper Micro Computer, Inc., together with its subsidiaries, develops and manufactures high performance server and storage solutions based on modular and open architecture in the United States, Europe, Asia, and internationally. Its solutions range from complete server, storage systems, modular blade servers, blades, workstations, full racks, networking devices, server sub-systems, server management software, and security software. The company provides application-optimized server solutions, rackmount and blade servers, storage, and subsystems and accessories; and server software management solutions, such as Server Management Suite, including Supermicro Server Manager, Supermicro Power Management software, Supermicro Update Manager, SuperCloud Composer, and SuperDoctor 5. In addition, it offers server subsystems and accessories comprising server boards, chassis, power supplies, and other accessories. Further, the company provides server and storage system integration, configuration, and software upgrade and update services; and technical documentation services, as well as identifies service requirements, creates and executes project plans, and conducts verification testing and technical documentation, and training services. Additionally, it offers help desk and on-site product support services for its server and storage systems; and customer support services, including ongoing maintenance and technical support for its products. The company provides its products to enterprise data centers, cloud computing, artificial intelligence, and 5G and edge computing markets. It sells its products through direct and indirect sales force, distributors, value-added resellers, system integrators, and original equipment manufacturers. The company was incorporated in 1993 and is headquartered in San Jose, California.Show more

Revenue $21.97B +46.6%
EBITDA $1.31B +4.8%
Net Income $1.05B -9.0%
EPS (Diluted) 1.68
Gross Margin 11.06% -19.6%
EBITDA Margin 5.97% -28.5%
Operating Margin 5.7% -29.4%
Net Margin 4.77% -37.9%
ROE 17.9% -42.6%
ROIC 15.87% -32.2%
Debt/Equity 0.76 +88.2%
Interest Coverage 21.03 -66.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 28.9%
✓Strong 5Y profit CAGR of 65.6%
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 45.8%
✓Efficient asset utilization: 1.6x turnover

✗Weaknesses

✗Weak momentum: RS Rating 13 (bottom 13%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y27.14%

5Y45.76%

3Y61.71%

TTM11.94%

Profit (Net Income) CAGR

10Y26.26%

5Y65.57%

3Y54.36%

TTM-44.17%

EPS CAGR

10Y23.72%

5Y60.04%

3Y13.8%

TTM-34.74%

ROCE

10Y Avg16.07%

5Y Avg21.59%

3Y Avg25.19%

Latest13.08%

Peer Comparison

High-Performance Servers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
DELLDell Technologies Inc.	39.96B	119.66	18.76	8.08%	5.01%		4.68%
SMCISuper Micro Computer, Inc.	17.56B	29.42	17.51	46.59%	3.77%	12.15%	8.72%	0.76
HPQHP Inc.	18.92B	20.61	7.78	3.24%	4.57%		14.8%

Profit & Loss

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Sales/Revenue+	2.23B	2.48B	3.36B	3.5B	3.34B	3.56B	5.2B	7.12B	14.99B	21.97B
Revenue Growth %	0.12%	0.12%	0.35%	0.04%	-0.05%	0.07%	0.46%	0.37%	1.1%	0.47%
Cost of Goods Sold+	1.89B	2.13B	2.93B	3B	2.81B	3.02B	4.4B	5.84B	12.93B	19.54B
COGS % of Revenue	0.85%	0.86%	0.87%	0.86%	0.84%	0.85%	0.85%	0.82%	0.86%	0.89%
Gross Profit+	330.5M	349.96M	429.99M	495.52M	526.21M	534.54M	800M	1.28B	2.06B	2.43B
Gross Margin %	0.15%	0.14%	0.13%	0.14%	0.16%	0.15%	0.15%	0.18%	0.14%	0.11%
Gross Profit Growth %	0.03%	0.06%	0.23%	0.15%	0.06%	0.02%	0.5%	0.6%	0.61%	0.18%
Operating Expenses+	223.01M	255.08M	335.28M	398.29M	440.56M	410.59M	462.83M	521.87M	850.64M	1.18B
OpEx % of Revenue	0.1%	0.1%	0.1%	0.11%	0.13%	0.12%	0.09%	0.07%	0.06%	0.05%
Selling, General & Admin	98.79M	111.09M	170.18M	218.38M	219.08M	186.22M	190.56M	214.61M	387.09M	540.38M
SG&A % of Revenue	0.04%	0.04%	0.05%	0.06%	0.07%	0.05%	0.04%	0.03%	0.03%	0.02%
Research & Development	124.22M	143.99M	165.1M	179.91M	221.48M	224.37M	272.27M	307.26M	463.55M	636.55M
R&D % of Revenue	0.06%	0.06%	0.05%	0.05%	0.07%	0.06%	0.05%	0.04%	0.03%	0.03%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	107.49M	94.88M	94.71M	97.23M	85.65M	123.95M	337.17M	761.14M	1.21B	1.25B
Operating Margin %	0.05%	0.04%	0.03%	0.03%	0.03%	0.03%	0.06%	0.11%	0.08%	0.06%
Operating Income Growth %	-0.27%	-0.12%	-0%	0.03%	-0.12%	0.45%	1.72%	1.26%	0.59%	0.03%
EBITDA+	120.77M	111.23M	116.56M	121.44M	114.13M	152.13M	369.64M	796.05M	1.25B	1.31B
EBITDA Margin %	0.05%	0.04%	0.03%	0.03%	0.03%	0.04%	0.07%	0.11%	0.08%	0.06%
EBITDA Growth %	-0.22%	-0.08%	0.05%	0.04%	-0.06%	0.33%	1.43%	1.15%	0.57%	0.05%
D&A (Non-Cash Add-back)	13.28M	16.36M	21.85M	24.2M	28.47M	28.18M	32.47M	34.9M	40.98M	58.34M
EBIT	109M	93.59M	93.94M	96.21M	87.06M	121.11M	343.25M	764.79M	1.23B	1.27B
Net Interest Income+	-1.59M	-2.3M	-5.73M	-6.69M	-2.24M	-2.48M	-6.41M	-10.49M	-19.35M	-59.57M
Interest Income	171K	0	0	0	0	0	0	0	0	0
Interest Expense	1.59M	2.3M	5.73M	6.69M	2.24M	2.48M	6.41M	10.49M	19.35M	59.57M
Other Income/Expense	-87K	-3.59M	-10.11M	-10.43M	1.58M	-5.15M	872K	-10.48M	5.19M	-47.29M
Pretax Income+	107.4M	91.29M	84.61M	86.8M	87.23M	118.8M	338.04M	750.66M	1.22B	1.21B
Pretax Margin %	0.05%	0.04%	0.03%	0.02%	0.03%	0.03%	0.07%	0.11%	0.08%	0.05%
Income Tax+	35.32M	24.43M	38.44M	14.88M	2.92M	6.94M	52.88M	110.67M	63.29M	156.85M
Effective Tax Rate %	0.67%	0.73%	0.55%	0.83%	0.97%	0.94%	0.84%	0.85%	0.95%	0.87%
Net Income+	72.08M	66.85M	46.16M	71.92M	84.31M	111.86M	285.16M	640M	1.15B	1.05B
Net Margin %	0.03%	0.03%	0.01%	0.02%	0.03%	0.03%	0.05%	0.09%	0.08%	0.05%
Net Income Growth %	-0.29%	-0.07%	-0.31%	0.56%	0.17%	0.33%	1.55%	1.24%	0.8%	-0.09%
Net Income (Continuing)	72.08M	66.85M	46.16M	71.92M	84.31M	111.86M	285.16M	640M	1.15B	1.05B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	184K	170K	157K	161K	167K	173K	172K	165K	164K	178K
EPS (Diluted)+	0.14	0.13	0.09	0.14	0.16	0.53	1.14	2.01	1.68	1.68
EPS Growth %	-0.3%	-0.07%	-0.32%	0.57%	0.14%	2.31%	1.15%	0.76%	-0.16%	0%
EPS (Basic)	0.15	0.14	0.09	0.14	0.17	0.55	1.21	2.17	1.77	1.77
Diluted Shares Outstanding	518.36M	516.79M	521.51M	517.16M	528.38M	536.15M	559.7M	602.15M	628.4M	628.4M
Basic Shares Outstanding	479.17M	483.83M	493.45M	499.17M	509.87M	514.78M	529.25M	555.88M	593.66M	593.66M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Total Current Assets+	938M	1.25B	1.53B	1.42B	1.59B	1.87B	2.81B	3.18B	8.93B	12.3B
Cash & Short-Term Investments	178.82M	110.61M	115.38M	248.16M	210.53M	232.27M	267.4M	440.46M	1.67B	5.17B
Cash Only	180.96M	113.2M	115.38M	248.16M	210.53M	232.27M	267.4M	440.46M	1.67B	5.17B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	246.4M	402.66M	544.4M	476.67M	500.41M	563.75M	858.92M	1.18B	2.75B	2.22B
Days Sales Outstanding	40.42	59.14	59.13	49.71	54.7	57.84	60.34	60.26	66.95	36.84
Inventory	448.98M	635.96M	853.25M	670.19M	851.5M	1.04B	1.55B	1.45B	4.33B	4.68B
Days Inventory Outstanding	86.5	108.73	106.27	81.41	110.48	125.69	128.33	90.34	122.34	87.42
Other Current Assets	2.55M	4.82M	11.53M	18.87M	8.92M	11.27M	126.4M	117.41M	179.9M	233.68M
Total Non-Current Assets+	227.6M	241.99M	238.63M	260.82M	325.88M	374.7M	398.76M	495.3M	894.13M	1.72B
Property, Plant & Equipment	187.95M	195.58M	196.63M	207.34M	257.57M	294.76M	285.97M	290.24M	414.01M	798.18M
Fixed Asset Turnover	11.84x	12.71x	17.09x	16.88x	12.96x	12.07x	18.17x	24.54x	36.21x	27.53x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	4.52M	10.22M	7.49M	4.15M	4.27M	6.13M	6.92M	0	0	112.37M
Other Non-Current Assets	11M	9.05M	8.93M	8.21M	9.14M	10.52M	35.94M	42.41M	114.95M	198.81M
Total Assets+	1.17B	1.49B	1.77B	1.68B	1.92B	2.24B	3.21B	3.67B	9.83B	14.02B
Asset Turnover	1.91x	1.67x	1.90x	2.08x	1.74x	1.59x	1.62x	1.94x	1.53x	1.57x
Asset Growth %	0.07%	0.28%	0.19%	-0.05%	0.14%	0.17%	0.43%	0.15%	1.67%	0.43%
Total Current Liabilities+	363.62M	533.14M	811.56M	605.97M	707.63M	968.9M	1.47B	1.37B	2.35B	2.34B
Accounts Payable	227.5M	342.33M	527.16M	360.47M	417.67M	612.34M	655.4M	776.83M	1.47B	1.28B
Days Payables Outstanding	43.83	58.53	65.66	43.79	54.19	73.94	54.42	48.55	41.57	23.94
Short-Term Debt	53.59M	161.45M	116.18M	23.65M	23.7M	63.49M	449.15M	170.12M	402.35M	75.06M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	0	0	0	0	0	0	-7.14M	0	0	0
Current Ratio	2.58x	2.34x	1.89x	2.35x	2.25x	1.93x	1.91x	2.31x	3.81x	5.25x
Quick Ratio	1.34x	1.15x	0.83x	1.24x	1.05x	0.85x	0.86x	1.26x	1.96x	3.25x
Cash Conversion Cycle	83.09	109.34	99.75	87.33	110.99	109.6	134.25	102.05	147.71	100.31
Total Non-Current Liabilities+	80.6M	155.24M	114.3M	135.45M	145.3M	176.67M	309.31M	327.91M	2.06B	5.37B
Long-Term Debt	40M	0	0	0	5.7M	34.7M	147.62M	120.18M	1.77B	4.68B
Capital Lease Obligations	0	0	0	0	18.1M	14.54M	16.66M	0	0	0
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	18.66M	21.21M	24.57M	26.18M	23.89M	26.59M	22.48M	37.95M	67.88M	326.53M
Total Liabilities	444.22M	688.37M	925.85M	741.42M	852.94M	1.15B	1.78B	1.7B	4.41B	7.72B
Total Debt+	93.59M	161.45M	116.18M	23.65M	53.81M	119.05M	620.56M	290.3M	2.18B	4.78B
Net Debt	-85.23M	50.84M	804K	-224.52M	-156.72M	-113.22M	353.17M	-150.16M	513.63M	-391.07M
Debt / Equity	0.13x	0.20x	0.14x	0.03x	0.05x	0.11x	0.44x	0.15x	0.40x	0.76x
Debt / EBITDA	0.77x	1.45x	1.00x	0.19x	0.47x	0.78x	1.68x	0.36x	1.74x	3.64x
Net Debt / EBITDA	-0.71x	0.46x	0.01x	-1.85x	-1.37x	-0.74x	0.96x	-0.19x	0.41x	-0.30x
Interest Coverage	67.43x	41.25x	16.54x	14.53x	38.31x	49.88x	52.58x	72.55x	62.57x	21.03x
Total Equity+	721.38M	800.22M	843.65M	941.18M	1.07B	1.1B	1.43B	1.97B	5.42B	6.3B
Equity Growth %	0.17%	0.11%	0.05%	0.12%	0.13%	0.03%	0.3%	0.38%	1.75%	0.16%
Book Value per Share	1.39	1.55	1.62	1.82	2.02	2.04	2.55	3.28	8.62	10.03
Total Shareholders' Equity	721.2M	800.05M	843.5M	941.01M	1.07B	1.1B	1.43B	1.97B	5.42B	6.3B
Common Stock	277.34M	305.32M	331.55M	349.68M	389.97M	438.01M	481.74M	538.35M	2.83B	2.87B
Retained Earnings	445.97M	515.29M	532.27M	611.9M	696.21M	657.76M	942.92M	1.43B	2.59B	3.43B
Treasury Stock	-2.03M	-20.49M	-20.49M	-20.49M	-20.49M	0	0	0	0	0
Accumulated OCI	-85K	-77K	165K	-80K	-152K	453K	911K	639K	706K	705K
Minority Interest	184K	170K	157K	161K	167K	173K	172K	165K	164K	178K

Cash Flow

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Cash from Operations+	107.99M	-96.19M	84.35M	262.55M	-30.33M	122.95M	-440.8M	663.58M	-2.49B	1.66B
Operating CF Margin %	0.05%	-0.04%	0.03%	0.08%	-0.01%	0.03%	-0.08%	0.09%	-0.17%	0.08%
Operating CF Growth %	3.34%	-1.89%	1.88%	2.11%	-1.12%	5.05%	-4.59%	2.51%	-4.75%	1.67%
Net Income	72.02M	69.32M	46.16M	71.92M	84.31M	111.86M	285.16M	640M	1.15B	1.05B
Depreciation & Amortization	13.28M	15.93M	21.85M	24.2M	28.47M	28.18M	32.47M	34.9M	38.69M	58.34M
Stock-Based Compensation	16.13M	19.19M	24.66M	21.18M	20.19M	28.55M	32.82M	54.43M	231.51M	314.45M
Deferred Taxes	-6.13M	-801K	13.57M	-17.1M	-13.77M	-8.39M	-6.82M	-92.97M	-168.5M	-214.64M
Other Non-Cash Items	6.45M	15.33M	14.24M	45.81M	15.26M	1.26M	-14.59M	346K	12.28M	62.48M
Working Capital Changes	4.46M	-208.96M	-36.13M	116.54M	-164.79M	-38.52M	-769.85M	26.87M	-3.75B	390.03M
Change in Receivables	53.58M	-149.46M	-127.08M	85.03M	-7.02M	-60.15M	-372.44M	-311.9M	-1.59B	533.34M
Change in Inventory	7.71M	-235.59M	-126.23M	119.31M	-199.68M	-189.47M	-504.64M	100.04M	-2.9B	-355.61M
Change in Payables	-65.83M	135.32M	132.53M	-173.41M	59.89M	189.31M	50.15M	127.14M	679.19M	-180.97M
Cash from Investing+	-35.13M	-29.36M	-25.92M	-24.85M	-43.59M	-58.02M	-46.28M	-39.49M	-194.25M	-183.21M
Capital Expenditures	-34.11M	-29.36M	-24.82M	-24.85M	-44.34M	-58.02M	-45.18M	-36.79M	-124.28M	-127.21M
CapEx % of Revenue	0.02%	0.01%	0.01%	0.01%	0.01%	0.02%	0.01%	0.01%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-1.02M	0	2.1M	0	0	0	0	0	0	0
Cash from Financing+	13.1M	57.72M	-50.83M	-95.83M	23.8M	-44.44M	522.87M	-448.29M	3.91B	2.02B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	13.19M	9.86M	-1.84M	-3.68M	19.45M	19.11M	10.25M	2.24M	-316.46M	-334.96M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	73.88M	-125.55M	59.52M	237.71M	-74.67M	64.94M	-485.98M	626.79M	-2.61B	1.53B
FCF Margin %	0.03%	-0.05%	0.02%	0.07%	-0.02%	0.02%	-0.09%	0.09%	-0.17%	0.07%
FCF Growth %	1.91%	-2.7%	1.47%	2.99%	-1.31%	1.87%	-8.48%	2.29%	-5.16%	1.59%
FCF per Share	0.14	-0.24	0.11	0.46	-0.14	0.12	-0.87	1.04	-4.15	2.44
FCF Conversion (FCF/Net Income)	1.50x	-1.44x	1.83x	3.65x	-0.36x	1.10x	-1.55x	1.04x	-2.16x	1.58x
Interest Paid	1.63M	2.08M	4.54M	3.86M	2.17M	1.95M	5.49M	8.54M	16.02M	25.49M
Taxes Paid	36.95M	30.81M	14.73M	23.6M	43.32M	2.91M	19.69M	114.96M	392.02M	327.16M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	10.75%	8.79%	5.62%	8.06%	8.4%	10.35%	22.61%	37.67%	31.2%	17.9%
Return on Invested Capital (ROIC)	12.88%	9.6%	8.39%	9.34%	7.9%	9.83%	18.31%	31.71%	23.43%	15.87%
Gross Margin	14.85%	14.08%	12.8%	14.16%	15.76%	15.03%	15.4%	18.01%	13.75%	11.06%
Net Margin	3.24%	2.69%	1.37%	2.05%	2.52%	3.14%	5.49%	8.98%	7.69%	4.77%
Debt / Equity	0.13x	0.20x	0.14x	0.03x	0.05x	0.11x	0.44x	0.15x	0.40x	0.76x
Interest Coverage	67.43x	41.25x	16.54x	14.53x	38.31x	49.88x	52.58x	72.55x	62.57x	21.03x
FCF Conversion	1.50x	-1.44x	1.83x	3.65x	-0.36x	1.10x	-1.55x	1.04x	-2.16x	1.58x
Revenue Growth	11.75%	11.68%	35.23%	4.16%	-4.6%	6.53%	46.06%	37.09%	110.42%	46.59%

Revenue by Segment

	2015	2016	2017	2019	2020	2021	2022	2023	2024	2025
Server And Storage Systems	1.21B	1.53B	1.74B	2.86B	2.62B	2.79B	4.46B	6.57B	14.19B	21.31B
Server And Storage Systems Growth	-	25.71%	14.10%	64.23%	-8.32%	6.47%	59.98%	47.18%	115.92%	50.24%
Subsystems and accessories	777.55M	690M	744.3M	641.72M	718.53M	767.12M	732.27M	553.67M	804.03M	660.4M
Subsystems and accessories Growth	-	-11.26%	7.87%	-13.78%	11.97%	6.76%	-4.54%	-24.39%	45.22%	-17.86%

Revenue by Geography

	2015	2016	2017	2019	2020	2021	2022	2023	2024	2025
UNITED STATES	1.16B	1.4B	1.42B	2.03B	1.96B	2.11B	3.04B	4.83B	10.19B	13.05B
UNITED STATES Growth	-	20.48%	1.73%	42.90%	-3.72%	7.69%	44.01%	59.25%	110.74%	28.13%
Asia	326.91M	324.21M	500.96M	712.21M	650.65M	699.65M	1.14B	1.05B	2.91B	5.49B
Asia Growth	-	-0.83%	54.52%	42.17%	-8.64%	7.53%	62.92%	-7.81%	177.17%	88.64%
Europe	378.32M	385.82M	453.8M	611.01M	598.56M	614.83M	825.2M	1B	1.29B	2.73B
Europe Growth	-	1.98%	17.62%	34.64%	-2.04%	2.72%	34.22%	21.55%	29.00%	110.75%
Other region	125.27M	107.14M	107.51M	144.19M	132.74M	135.03M	195.48M	235.54M	595.39M	698.34M
Other region Growth	-	-14.47%	0.34%	34.12%	-7.94%	1.73%	44.76%	20.49%	152.78%	17.29%

Frequently Asked Questions

Valuation & Price

Super Micro Computer, Inc. (SMCI) has a price-to-earnings (P/E) ratio of 17.5x. This is roughly in line with market averages.

Growth & Financials

Super Micro Computer, Inc. (SMCI) reported $21.05B in revenue for fiscal year 2025. This represents a 1976% increase from $1.01B in 2012.

Super Micro Computer, Inc. (SMCI) grew revenue by 46.6% over the past year. This is strong growth.

Yes, Super Micro Computer, Inc. (SMCI) is profitable, generating $792.8M in net income for fiscal year 2025 (4.8% net margin).

Dividend & Returns

Super Micro Computer, Inc. (SMCI) has a return on equity (ROE) of 17.9%. This is reasonable for most industries.

Super Micro Computer, Inc. (SMCI) generated $217.9M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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