Super Micro Computer, Inc.SMCI
NasdaqGS•Technology•Computer Hardware
Super Micro Computer, Inc., together with its subsidiaries, develops and sells server and storage solutions based on modular and open-standard architecture in the United States, Asia, Europe, and internationally. The company provides liquid and air-cooled AI servers for training and inferencing with integrated graphics processing units (GPUs) or PCIe based architectures; SuperBlade, MicroBlade, FlexTwin, GrandTwin, and BigTwin blade and multi-node systems; SuperStorage systems; Hyper, CloudDC, and WIO and rackmount systems; embedded (5G/IoT/Edge) systems; and MicroCloud server systems. It also offers workstations and networking devices; and modular server subsystems and accessories, including server boards, chassis, power supplies, and other accessories. In addition, the company provides remote system management solutions, such as Server Management suite comprising Supermicro Server Manager, Supermicro Power Management software, Supermicro Update Manager, SuperCloud Composer, and SuperDoctor 5. Further, the company identifies service requirements; creates and executes project plans; conducts verification testing; offers training; and provides technical documentation. Additionally, it offers rack level services from design to deployment for full rack and cluster level deployments of AI and HPC datacenters; help desk services and on-site product support; and warranties, maintenance, and technical support services. The company serves enterprise data centers, cloud computing, artificial intelligence, 5G, and edge computing markets through direct and indirect sales force, distributors, value-added resellers, system integrators, and original equipment manufacturers. Super Micro Computer, Inc. was incorporated in 1993 and is headquartered in San Jose, California.
Super Micro Computer, Inc. (SMCI) reported trailing twelve months revenue of $33.70B as of March 2026, a 56.2% increase year-over-year. Quarterly revenue reached $10.24B, reflecting continued top-line momentum.
Super Micro Computer, Inc. generated $1.25B in TTM net income, with quarterly EBITDA of $639.37M. The operating margin expanded from 3.2% to 6.1%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (6.1%) and net margin (4.7%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 2.4% a year ago, signaling stronger bottom-line efficiency.
SMCI trades at a P/E of 10.1x (below the broader market average) and a P/S of 0.4x. The price-to-book ratio of 1.7x reflects a moderate premium to book value.
The company reported negative free cash flow of $-6.70B, indicating cash consumption over the period. The balance sheet shows $23.45B in total assets with $4.66B in long-term debt against $7.58B in stockholders equity for a debt-to-equity ratio of 0.6. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~5.1% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE averages 18.0% but has fluctuated — the competitive advantage may be cyclical or emerging.
Only 3 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
TTM revenue has grown consistently (6 of 7 quarters up), with ~124.8% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins dropped 26.2% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.
Free cash flow has been negative in 5 of the last 8 quarters — earnings are not translating to cash.
Debt-to-equity has risen 64.5% recently — increasing financial risk even if the current ratio is manageable.
Revenue is stable or growing over recent quarters — demand appears durable.
5 of the last 8 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.
Shares outstanding rose 2.3% — mild dilution. Compare to earnings growth to assess net per-share impact.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation