XStocksXray

Research report · 16 October 2026

Super Micro Computer, Inc. (SMCI)

Information Technology · Technology Hardware, Storage & Peripherals · US stock · price as of 16 Oct 2026

Key indicators

Price	$31.63
52-week range	$19.48 – $56.60
Market cap	$22.1B
P/E (trailing)	9.7×
EV / EBITDA	5.1×
Free-cash-flow yield	−31.6%
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 is not shown for this company.

X-Ray Score

52/ 100 · Medium confidence · ahead of 53% of sector peers

Valuation50

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 52 out of 100 (medium confidence), ahead of 53% of the S&P 500 stocks in its sector. Its strongest lens is growth (82) and its weakest is profitability (37).

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	$31.63
Market cap	$2.2B	$14.0B	$49.3B	$30.8B	$20.5B	$22.1B
P/E	7.6×	21.9×	42.7×	29.2×	9.0×	9.7×
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×	5.1×
Price / free cash flow	–	22.3×	–	20.1×	–	–
Free-cash-flow yield	−22.4%	4.5%	−5.3%	5.0%	−34.1%	−31.6%
Price / book	1.5×	7.1×	9.1×	4.9×	1.4×	1.5×
Dividend yield	–	–	–	–	–	–

Fundamentals checklist ● 6 Good · ● 2 Average · ● 5 Bad · each check graded against the sector

Cash quality

Earnings backed by cash30.2%Bad

Free-cash-flow yield−31.6%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

EBIT / EV yield18.4%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

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

Company	X-Ray
SMCI · Super Micro Computer, Inc.	52
SNDK · Sandisk Corp	77
NTAP · NetApp, Inc.	62
AAPL · Apple Inc.	55
WDC · Western Digital Corp	55

Market Compass outlook for Information Technology: Favourable (75/100). It blends regime history, macro sensitivity, momentum and valuation.

Returns

1 week	−24.4%
1 month	−21.6%
3 months	+32.7%
6 months	+10.7%
1 year	−41.4%
3 years	+2.4%
5 years	+757.2%

Technical summary

DailyStrongly bearish3 bullish · 1 neutral · 12 bearish

WeeklyStrongly bearish2 bullish · 1 neutral · 9 bearish

MonthlyStrongly bearish0 bullish · 1 neutral · 7 bearish

50-day / 200-day average	$38.67 / $32.47
52-week low / high	$19.48 / $56.60
Classic pivot, support and resistance	S2 29.37 · S1 30.50 · P – · R1 33.69 · R2 35.75

XStocksXray

Super Micro Computer, Inc. (SMCI)

Strengths

Return on invested capital of 29.7% is ahead of 69% of its sector peers.
Revenue growth of 76.3% a year over three years is ahead of 97% of its sector peers.

Risks and weak spots

Earnings backed by cash is weak against Information Technology peers (30.2%).
Free-cash-flow yield is weak against Information Technology peers (−31.6%).
Piotroski F-Score is weak against Information Technology peers (1 of 9).
Operating margin is weak against Information Technology peers (7.1%).
Gross profitability is weak against Information Technology peers (14.1%).
Red flag: Heavy dilution (Share count up more than 5% year on year).

Latest SEC filings

Date	Form	Items
15 Oct 2026	8-K	5.02,9.01
8 Oct 2026	8-K	5.02,9.01
31 Aug 2026	10-K
11 Aug 2026	8-K	2.02,9.01
5 Aug 2026	8-K	8.01,9.01
21 Jul 2026	8-K	2.02,9.01
15 Jun 2026	8-K	1.01,3.03,5.03,9.01
12 Jun 2026	8-K	1.01,7.01,9.01

Recent SMCI news briefs

Super Micro Computer slides about 10% as a CFO change adds to selling 18 Oct 2026

How to read this report

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 blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.