Super Micro Computer, Inc. (SMCI)
Information Technology · Technology Hardware, Storage & Peripherals · US stock · S&P 500 component
$33.72
▼ -1.85 (5.20%)
Fair valueUndervalued
$58 +72.5% to fair value
$29fair band $49–$70$87
Day's range
$32.96 – $34.93
52-week range
$19.48 – $54.53
Red flags⚠ Heavy dilution⚠ Heavy dilution⚠ Heavy dilution⚠ Heavy dilution⚠ Heavy dilution
About Super Micro Computer, Inc.
Super Micro Computer designs and builds server systems, storage and rack-scale computing hardware, sold to data centres, cloud providers, enterprises and artificial intelligence developers. It uses a modular design approach that lets customers configure systems around processors and accelerators from major chip suppliers. Revenue comes from hardware sales and related support, and results depend heavily on the availability of components and the pace of customer data centre spending.
Trailing twelve-month revenue stands at $39.1 billion, while revenue grew by 76.3% a year over the past three years. Return on invested capital is 30%, alongside an operating margin of 7.1%. The company does not currently pay a dividend. On the X-Ray Score, it is rated 58 out of 100.
SMCI news
Super Micro Shares Climb as Company Lifts Full-Year Revenue GuidanceSuper Micro Computer slides about 10% as a CFO change adds to selling
All SMCI news →Price chart
52-wk range $19.48 – $54.53Volume 43,909,451Daily, split-adjusted
Vitals
Market cap$23.5B
52-week range$19.48 – $54.53
Volume (last day)43,909,451
P/E (TTM)10.4
EBIT / EV yield16.8%
Free-cash-flow yield-29.6%
Dividend yieldNo dividend
Revenue (TTM)$39.1B
Net income (TTM)$2.2B
Operating margin7.1%
Return on capital29.7%
Debt incl. leasesData missing
Cash & securities$7.5B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$58middle half of models $56 – $63
Undervalued
+72.5% to fair value
Average of the 8 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $34
Undervalued < $49Fair $49 – $70Overvalued > $70
P/E multiple
$39
P/B multiple · not used
$74
P/S multiple · not used
$99
EV/EBITDA multiple
$53
EV/EBIT multiple · not used
$68
EV/revenue multiple · not used
$85
10-year DCF, EBITDA exit
$63
5-year DCF, EBITDA exit
$57
10-year DCF, revenue exit
$65
5-year DCF, revenue exit
$60
10-year DCF, growth exit
$67
5-year DCF, growth exit
$62
Earnings power value · not used
$68
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, but the price is low
Our models put fair value above today's price, but models can be wrong, so check the business first. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Information Technology peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Strong
71/100
Cheap against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield16.8%
Free-cash-flow yield-29.6%
Fair value vs price1.7×
Growth
Strong
82/100
Growing faster than most of its sector.
See the numbers →
Revenue growth (3y)76.3%
EPS growth (3y)41.9%
Growth consistency90%
Profitability
Weak
37/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital29.7%
Operating margin7.1%
Gross profitability14.1%
Financial health
Weak
42/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score1 / 9
Interest cover14.2×
Dividends
None
–/100
Pays no dividend.
See the numbers →
Quarterly results: last 6 quarters
+19.5%
Mar '25
+7.5%
Jun '25
-15.5%
Sep '25
+123.4%
Dec '25
+122.7%
Mar '26
+93.2%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $11.1B.
Compare with peers
SNDK Sandisk Corp73 STX Seagate Technology Hol...56 NTAP NetApp, Inc.54 DELL Dell Technologies Inc.53Other Technology Hardware, Storage & Peripherals companies by X-Ray Score.
SWOT analysis: Super Micro Computer, Inc.
Strengthsinside the company
- Revenue has grown 76.3% a year over three years (median 6.4% for industry peers).
- Earnings per share have compounded at 41.9% a year over three years.
- Operating profit covers interest 14x, so debt costs are a small drag.
Weaknessesinside the company
- Return on invested capital of 29.7% is well below the 57.7% median of industry peers.
- Operating margin of 7.1% is thin against 25.0% for industry peers.
- Free cash flow is negative, so spending or debt has to be financed from outside.
- Passes only 1 of the 9 Piotroski tests, which shows weak or worsening financial trends.
Opportunitiesvaluation and setting
- Trades at 10.5x earnings, 63% below the 28.8x median of industry peers.
- The price is 73% below our fair value estimate, with the gap larger than the margin we allow for error.
- Our Market Compass rates the backdrop for Information Technology as favourable.
Threatsvaluation and setting
- Our checks raised: Heavy dilution; Heavy dilution.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare SMCI with peers and sector
Medians of 9 Technology Hardware, Storage & Peripherals peers and of 74 Information Technology stocks in our universe.
Largest peers (X-Ray Score): AAPL 53, DELL 53, SNDK 73, STX 56, WDC 52, HPE 45.
| Metric | SMCI | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 58 | 53 | 50 |
| Valuation | 71 | 38 | 50 |
| Growth | 82 | 59 | 54 |
| Profitability | 37 | 58 | 50 |
| Financial health | 42 | 61 | 50 |
| Dividends | – | 46 | 50 |
Sector leaders: highest X-Ray Score in Information Technology
SMCI ranks #22 of 75 in Information Technology and #2 of 10 in Technology Hardware, Storage & Peripherals by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for SMCI
Each factor is rated by where SMCI stands among the 75 Information Technology stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 9 Good · 4 Average · 8 Bad of 21
Growth: 3 · 0 · 0
Profitability: 1 · 1 · 3
Financial strength: 1 · 1 · 1
Valuation: 4 · 0 · 1
Cash flow: 0 · 0 · 3
Efficiency: 0 · 2 · 0
| Factor | SMCI | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +76.3% | Good beats 97% | +9.7% | – | – |
| Revenue growth, last year | +77.8% | Good beats 95% | +13.7% | +46.6% | ▲ Better |
| EPS growth, 3 years a year | +41.9% | Good beats 92% | +5.9% | – | – |
| Profitability | |||||
| Gross margin | 10.8% | Bad beats 4% | 57.8% | 13.8% | ▼ Worse |
| Operating margin | 7.1% | Bad beats 14% | 20.3% | 7.1% | ≈ In line |
| Net margin | 5.7% | Bad beats 15% | 17.8% | 5.7% | ≈ In line |
| Return on invested capital | 29.7% | Good beats 69% | 19.4% | – | – |
| Return on equity | 15.4% | Average beats 36% | 21.0% | 20.0% | ▼ Worse |
| Financial strength | |||||
| Interest cover | 14.2x | Average beats 42% | 23.0x | 50.0x | ▼ Worse |
| Current ratio | 3.87 | Good beats 93% | 1.57 | 3.81 | ≈ In line |
| Piotroski F-score | 1 / 9 | Bad beats 1% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 10.5x | Good beats 99% | 33.6x | 21.8x | ▲ Better |
| Price / book | 1.6x | Good beats 99% | 8.3x | 4.9x | ▲ Better |
| Price / sales | 0.6x | Good beats 98% | 6.9x | 1.4x | ▲ Better |
| EV / EBITDA | 5.8x | Good beats 99% | 24.7x | – | – |
| Free cash flow yield | -29.6% | Bad beats 1% | 3.4% | -5.3% | ▼ Worse |
| Cash flow | |||||
| Free cash flow margin | -17.8% | Bad beats 2% | 22.3% | -9.4% | ▼ Worse |
| Cash from operations / net income | -3.05 | Bad beats 1% | 1.39 | -1.55 | ▼ Worse |
| Accruals (lower is better) | +30.2% | Bad beats 2% | −4.4% | – | – |
| Efficiency | |||||
| Inventory turnover | 2.7x | Average beats 35% | 3.9x | 3.0x | ≈ In line |
| Days sales outstanding | 57 days | Average beats 60% | 63 days | 59 days | ≈ In line |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 7 Good · ● 2 Average · ● 5 BadCash quality
Earnings backed by cashBad
Free-cash-flow yieldBad
Risk models
Altman Z''Good
Piotroski F-ScoreBad
Growth
EPS growth (3y)Good
Revenue growth (3y)Good
Growth consistencyAverage
Balance sheet
Current ratioGood
Interest coverAverage
Valuation
Fair value vs priceGood
EBIT / EV yieldGood
Profitability
Return on invested capitalGood
Operating marginBad
Gross profitabilityBad
Each check is graded against the company's sector, not a fixed number. Checklist score 54/100.
Financials
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Revenue | $5.2B | $7.1B | $15.0B | $22.0B | $39.1B |
| Operating income | $335M | $761M | $1.2B | $1.3B | $2.8B |
| Net income | $285M | $640M | $1.2B | $1.0B | $2.2B |
| Operating cash flow | −$441M | $664M | −$2.5B | $1.7B | −$6.8B |
| Operating margin | 6.5% | 10.7% | 8.1% | 5.7% | 7.1% |
| Free cash flow | −$486M | $627M | −$2.6B | $1.5B | −$7.0B |
| Diluted EPS | $0.53 | $1.14 | $1.92 | $1.68 | $3.26 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bearish
3 bullish · 2 neutral · 11 bearish
Weekly
Bearish
3 bullish · 1 neutral · 8 bearish
Monthly
Strongly bearish
1 bullish · 1 neutral · 6 bearish
Moving averages (daily)
| SMA 10 | 35.73 | Bearish |
| EMA 10 | 35.63 | Bearish |
| SMA 20 | 39.22 | Bearish |
| EMA 20 | 37.38 | Bearish |
| SMA 50 | 38.71 | Bearish |
| EMA 50 | 37.40 | Bearish |
| SMA 100 | 34.95 | Bearish |
| EMA 100 | 35.86 | Bearish |
| SMA 200 | 32.53 | Bullish |
| EMA 200 | 35.30 | Bearish |
Oscillators (daily)
| RSI (14) | 39.52 | Neutral |
| MACD (12, 26) | -1.59 | Bearish |
| Momentum (12) | -22.41 | Bearish |
| Stochastic %K (14) | 18.86 | Bullish |
| Williams %R (14) | -81.14 | Bullish |
| CCI (20) | -96.18 | Neutral |
Pivot points (classic, last session)
S3 30.85 | S2 31.90 | S1 32.81 | Pivot 33.87 | R1 34.78 | R2 35.83 | R3 36.74 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
ETFs that hold SMCI
| ETF | Share of the fund |
|---|---|
| AIPI REX AI Equity Premium Income | 4.28% |
| ARTY iShares Future AI & Tech | 3.19% |
| DTCR Global X Data Center & Digital Infrast... | 2.48% |
| SPHB Invesco S&P 500 High Beta | 1.96% |
| CHAT Roundhill Generative AI & Technology | 1.65% |
| RSPT Invesco S&P 500 Equal Weight Technolog... | 1.32% |
| AIS VistaShares Artificial Intelligence Su... | 0.60% |
| VOT Vanguard Mid-Cap Growth | 0.35% |
The eight funds with the largest weight in SMCI among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
SMCI stock splits
SMCI has split its stock once since 2024. The latest was a 10-for-1 split on 1 Oct 2024.
Full SMCI stock split history →SMCI SEC filings
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Director or officer change
8-KSEC EDGAR
Director or officer change
10-KSEC EDGAR
Annual report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Entered a material agreement
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.