Supermicro

SMCI · Nasdaq · Information Technology · Financials, fiscal 2017 to 2026

SMCI · Last close · October 26, 2026

$32.69

Supermicro's revenue rose 77.8% to $39.1 billion in fiscal 2026. Its operating margin was 7.1%, up from 5.7% a year earlier. Free cash flow was −$7.0 billion, against $1.5 billion a year earlier. The diluted share count rose 11.0%.

Super Micro Computer, Inc. Latest fiscal year ended June 30, 2026 10-K filed August 31, 2026 · 0001375365-26-000022 Updated October 10, 2026

Revenue

$39.1B

77.8%

Operating margin

7.1%

1.4 pts

Net income

$2.2B

112.7%

Free cash flow

−$7.0B

$1.5B a year earlier

Return on equity

21.5%

3.6 pts

Market cap

$22.8B

Oct 26 close

P/E

10.0x

On $3.26 EPS, FY26

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Total debt is left blank: Supermicro's structured data tags its convertible notes but not its bank borrowings in a standard way, so a total would be understated. Share counts and per-share figures for earlier years are restated for a stock split (10-for-1), so every year is on today's share basis.

What Supermicro does

Supermicro, based in Silicon Valley, designs and builds servers, storage systems and related equipment for data centers. It calls its offering total information technology (IT) solutions, and it focuses on rack-scale systems for artificial intelligence (AI) and high-performance computing. Its customers include enterprise data centers, cloud service providers and edge computing uses such as 5G telecom and retail.

It sells complete servers, storage systems, blade servers, workstations, full racks, networking devices and parts, plus support services that include liquid cooling. In fiscal 2026 it pushed into Data Center Building Block Solutions, a modular offering that ranges from single graphics processors (GPUs) and switches to full racks, site infrastructure, management software and services. Its Server Building Block Solutions use common parts across product lines so it can build new products quickly.

Supermicro sells through its own sales force and through distributors, value-added resellers, system integrators and original equipment manufacturers. It runs operations from Silicon Valley, Taiwan, Malaysia and the Netherlands.

Its biggest risks, as it describes them

Sales concentrated among a few large customers, so losing one could cut revenue sharply.
Relying on a limited number of suppliers, and on the market for core components such as GPUs.
Conflicts of interest and heavy reliance on Ablecom and Compuware, companies tied to its executives' families.
Having previously identified material weaknesses in its internal control over financial reporting.
Export limits and supply risk tied to Taiwan, and the pace of change in the AI industry.

From Supermicro's annual report on Form 10-K, filed August 31, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2026, earnings per share grew 43.0% a year and net income 47.6% a year, as new shares raised the share count by 35% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Supermicro yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Supermicro's 10-K and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need a positive starting cash flow. Supermicro's free cash flow was negative in fiscal 2026 and over the last three years, and so is cash from operations minus depreciation. You can still enter your own figures in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2026.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at June 30, 2026. Negative means net debt.

Diluted shares, millions Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to Supermicro's own revenue growth, as above. Cautious: growth of 10% then 6% a year, 2% after year 10, a 10% discount rate. Base: growth of 20% then 11% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $32.69
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Careful. Supermicro's P/E today, 10.0×, is less than half the example multiple. A gap that wide usually means one of two things: its latest earnings include large one-off items, such as a tax benefit or a gain on a sale, or investors expect its earnings to fall. Either way the examples can mislead, so they aren't set against the share price. Check the earnings in its latest filings before using them.

Value per share on three example scenarios, from Supermicro's earnings per share of $3.26 (in fiscal 2026). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 22.1×, the middle of Supermicro's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$ Diluted earnings per share in fiscal 2026, from the 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Hewlett Packard Enterprise, HP, Sandisk, Dell Technologies.

Earnings growth in the years ahead (% a year) Starts at Supermicro's revenue growth over the last 3 years, 76.3% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $32.69
Value at this multiple, against the last close: —
Supermicro's P/E at the last close: 10.0×

Company	Last close	Earnings per share	P/E today
Hewlett Packard EnterpriseHPE	$58.72	$1.93	30.4×
Dell TechnologiesDELL	$467.09	$17.20	27.2×
SandiskSNDK	$1,255.58	$73.76	17.0×
HPHPQ	$34.09	$2.61	13.1×
SupermicroSMCI	$32.69	$3.26	10.0×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	0.3	0.4	1.7	5.2	7.5
Debt incl. finance leases	—	—	—	—	—
Net debt (negative means net cash)	—	—	—	—	—
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	—	—	—	—
Interest coverage	52.3x	72.5x	62.6x	21.0x	14.2x
Current ratio	1.9x	2.3x	3.8x	5.2x	3.9x
Quick ratio	0.9x	1.3x	2.0x	3.2x	2.1x

US$ billions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Supermicro shares on the open market, and 3 insiders sold $15.7 million, $12.2 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 7, 2026	Liang Chiu-Chu Sara LiuDirector, 10% owner	Sold plan	100,000	$45.02	$4.5 million	Form 4
Sep 4, 2026	Liang Chiu-Chu Sara LiuDirector, 10% owner	Sold plan	100,000	$40.00	$4.0 million	Form 4
Sep 3, 2026	Liang Chiu-Chu Sara LiuDirector, 10% owner	Sold plan	100,000	$37.19	$3.7 million	Form 4
Nov 26, 2025	Sherman TuanDirector	Sold	48,630	$33.00	$1.6 million	Form 4
Nov 24, 2025	George KaoSVP, Operations	Sold	56,904	$32.83	$1.9 million	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Fail	Pass	Fail
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Fail	Pass	Fail
Debt fell relative to assets	—	—	—
Current ratio rose	Pass	Pass	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Fail	Fail	Fail
Revenue rose relative to assets	Pass	Fail	Pass
F-score	—	—	—
Accruals ratio	53.9%	−5.1%	41.1%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Supermicro side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Supermicro	FY26	77.8%	7.1%	−17.9%	—	—	—
Hewlett Packard Enterprise	FY25	13.8%	−1.3%	1.8%	−0.9%	9.0x	4	Compare
HP	FY25	3.2%	5.7%	5.1%	55.3%	1.5x	6	Compare
Sandisk	FY26	175.3%	61.2%	56.8%	105.9%	−0.4x	7	Compare
Dell Technologies	FY26	18.8%	7.2%	7.5%	36.0%	1.8x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	2.5	3.4	3.5	3.3	3.6	5.2	7.1	15.0	22.0	39.1
Revenue growth	11.7%	35.2%	4.2%	−4.6%	6.5%	46.1%	37.1%	110.4%	46.6%	77.8%
Gross profit	0.3	0.4	0.5	0.5	0.5	0.8	1.3	2.1	2.4	4.2
Research and development	0.1	0.2	0.2	0.2	0.2	0.3	0.3	0.5	0.6	0.8
Operating income	0.1	0.1	0.1	0.1	0.1	0.3	0.8	1.2	1.3	2.8
Net income	0.1	0.0	0.1	0.1	0.1	0.3	0.6	1.2	1.0	2.2
Diluted EPS (US$)	0.13	0.09	0.14	0.16	0.21	0.53	1.14	1.92	1.68	3.26
Diluted shares (millions)	517	522	517	528	535	536	560	602	628	697
Cash flow
Cash from operations	−0.1	0.1	0.3	−0.0	0.1	−0.4	0.7	−2.5	1.7	−6.8
Capital expenditure	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.1	0.1	0.2
Free cash flow	−0.1	0.1	0.2	−0.1	0.1	−0.5	0.6	−2.6	1.5	−7.0
Dividends paid	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share buybacks	0.0	0.0	0.0	0.0	0.1	0.0	0.1	0.0	0.2	0.0
Acquisitions	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Stock-based compensation	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.2	0.3	0.4
Balance sheet at fiscal year end
Cash and short-term investments	0.1	0.1	0.2	0.2	0.2	0.3	0.4	1.7	5.2	7.5
Debt incl. finance leases	—	—	—	—	—	—	—	—	—	—
Total assets	1.5	1.8	1.7	1.9	2.2	3.2	3.7	9.8	14.0	29.9
Total liabilities	0.7	0.9	0.7	0.9	1.1	1.8	1.7	4.4	7.7	15.5
Shareholders' equity	0.8	0.8	0.9	1.1	1.1	1.4	2.0	5.4	6.3	14.5
Margins and ratios
Gross margin	14.1%	12.8%	14.2%	15.8%	15.0%	15.4%	18.0%	13.8%	11.1%	10.8%
Operating margin	3.8%	2.8%	2.8%	2.6%	3.5%	6.5%	10.7%	8.1%	5.7%	7.1%
Net margin	2.7%	1.4%	2.0%	2.5%	3.1%	5.5%	9.0%	7.7%	4.8%	5.7%
Free cash flow margin	−5.0%	1.8%	6.8%	−2.2%	1.8%	−9.3%	8.8%	−17.4%	7.0%	−17.9%
Return on capital	—	—	—	—	—	—	—	—	—	—
Return on equity	9.1%	5.7%	8.1%	8.4%	10.3%	22.6%	37.7%	31.2%	17.9%	21.5%
Return on assets	4.9%	2.8%	4.2%	4.7%	5.4%	10.5%	18.6%	17.1%	8.8%	10.2%
Net debt to EBITDA	—	—	—	—	—	—	—	—	—	—

US$ billions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Supermicro's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Supermicro.