Information Technology · Technology Hardware, Storage & Peripherals · US stock · price as of 22 Oct 2026
Key indicators
Price
$33.72
52-week range
$19.48 – $54.53
Market cap
$23.5B
P/E (trailing)
10.4×
EV / EBITDA
5.7×
Free-cash-flow yield
−29.6%
Dividend yield
–
Revenue (last 12 months)
$39.1B
Revenue growth (3y a year)
76.3%
Operating margin
7.1%
Return on invested capital
29.7%
Net debt / EBITDA
–
Fair value
Fair value (average of valid models)$58.16 middle half of models $56 – $63
Versus priceUndervalued+73% to fair value
P/E multiple
$38.76
EV/EBITDA multiple
$53.14
10-year DCF, EBITDA exit
$62.53
5-year DCF, EBITDA exit
$56.88
10-year DCF, revenue exit
$65.08
5-year DCF, revenue exit
$60.19
10-year DCF, growth exit
$66.73
5-year DCF, growth exit
$61.97
Model uncertainty
Medium
X-Ray Score
58/ 100 · Medium confidence · ahead of 69% of sector peers
Valuation71
Growth82
Profitability37
Financial health42
Dividends–
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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.
StocksXray gives Super Micro Computer, Inc. an X-Ray Score of 58 out of 100 (medium confidence), ahead of 69% of the S&P 500 stocks in its sector. Its strongest lens is growth (82) and its weakest is profitability (37).
Our fair value (the average of the valid models) is $58.16 (range $55.94 to $63.17). At $33.72 the stock trades 42% below that value, so the label is "Undervalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Super Micro Computer, Inc. (SMCI)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2022
FY2023
FY2024
FY2025
FY2026
Now
Price
$4.04
$24.93
$81.94
$49.01
$29.33
$33.72
Market cap
$2.2B
$14.0B
$49.3B
$30.8B
$20.5B
$23.5B
P/E
7.6×
21.9×
42.7×
29.2×
9.0×
10.4×
EV / revenue
0.5×
1.9×
3.2×
1.2×
0.3×
0.4×
EV / EBITDA
6.9×
17.5×
38.4×
19.8×
4.6×
5.7×
Price / free cash flow
–
22.3×
–
20.1×
–
–
Free-cash-flow yield
−22.4%
4.5%
−5.3%
5.0%
−34.1%
−29.6%
Price / book
1.5×
7.1×
9.1×
4.9×
1.4×
1.6×
Dividend yield
–
–
–
–
–
–
Fundamentals checklist ● 7 Good · ● 2 Average · ● 5 Bad · each check graded against the sector
Cash quality
Earnings backed by cash30.2%Bad
Free-cash-flow yield−29.6%Bad
Risk models
Altman Z score6.7×Good
Piotroski F-Score1 of 9Bad
Growth
EPS growth (3y)41.9%Good
Revenue growth (3y)76.3%Good
Growth consistency90%Average
Balance sheet
Current ratio3.9×Good
Interest cover14.2×Average
Valuation
Fair value vs price1.7×Good
EBIT / EV yield16.8%Good
Profitability
Return on invested capital29.7%Good
Operating margin7.1%Bad
Gross profitability14.1%Bad
Red flags
Heavy dilution — Share count up more than 5% year on year
Heavy dilution — Share count up more than 5% year on year
Heavy dilution — Share count up more than 5% year on year
Heavy dilution — Share count up more than 5% year on year
Heavy dilution — Share count up more than 5% year on year
XStocksXray
Super Micro Computer, Inc. (SMCI)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY22
FY23
FY24
FY25
FY26
LTM
Revenue
5,196
7,123
14,989
21,972
39,063
39,063
Gross profit
800
1,283
2,061
2,430
4,227
4,227
Operating income
335
761
1,211
1,253
2,770
2,770
Net income
285
640
1,153
1,049
2,230
2,230
Diluted EPS ($)
0.53
1.14
1.92
1.68
3.26
3.25
Free cash flow
-486
627
-2,610
1,532
-6,972
-6,972
Gross margin
15.4%
18.0%
13.8%
11.1%
10.8%
10.8%
Operating margin
6.5%
10.7%
8.1%
5.7%
7.1%
7.1%
Net margin
5.5%
9.0%
7.7%
4.8%
5.7%
5.7%
Balance sheet
FY22
FY23
FY24
FY25
FY26
LTM
Total assets
3,205
3,675
9,826
14,018
29,945
29,945
Cash
267
440
1,670
5,170
7,521
7,521
Total debt
597
290
–
–
–
–
Equity
1,426
1,972
5,417
6,302
14,479
14,479
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Margins blue gross, teal operating, brown net
Latest quarters
Mar 2025
Jun 2025
Sep 2025
Dec 2025
Mar 2026
Jun 2026
Revenue ($M)
4,600
5,757
5,018
12,682
10,243
11,120
Growth vs a year earlier
+19.5%
+7.5%
−15.5%
+123.4%
+122.7%
+93.2%
Net income ($M)
109
195
168
401
483
1,178
Diluted EPS ($)
0.17
–
0.26
0.60
0.72
–
XStocksXray
Super Micro Computer, Inc. (SMCI)
Peers in Technology Hardware, Storage & Peripherals
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
