Super Micro Computer, Inc. (SMCI)
NEUTRALFondamental
64
Prix
$38.13
Capitalisation boursière
$22.75B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
Supermicro designs and assembles server computers, buying processors and other chips from suppliers such as NVIDIA and AMD and building them into complete systems, racks and, increasingly, whole liquid-cooled data-centre modules. Its customers are cloud providers, AI labs and large enterprises that need computing capacity fast, and its pitch is speed of delivery and engineering flexibility rather than being the cheapest option.
Comment l'entreprise gagne de l'argent
Revenue is booked when a system ships, so it is hardware sales, not subscriptions, and it moves in step with how much capacity AI data-centre builders are ordering at any given time. Because Supermicro buys the expensive components — chips above all — from a handful of suppliers, its margins are thin and depend heavily on getting favourable pricing and allocation from them, particularly NVIDIA.
Chiffre d'affaires par segment
Complete rack-mounted server and storage systems, mostly built around GPUs for AI workloads. The vast majority of revenue.
Avantage concurrentiel
Aucun avantage identifié · AucunSupermicro assembles systems from components any well-capitalised competitor can also buy, and rivals such as Dell and HPE build comparable servers. Its advantage in any given period is operational — faster time-to-market on new chip generations and modular designs — rather than something a customer cannot get elsewhere, and it has to be defended anew each product cycle.
Ce qui stimule la demande
CycliqueOrders track the capital spending plans of a small number of large AI and cloud customers, which can be delayed, cancelled or shifted to a competitor with little warning. The business has already lived through one such swing, when server and storage revenue grew several times over in two years on the AI build-out.
Principaux risques
- Dependence on a few large customers — Four customers each represented 10% or more of net sales in fiscal 2025. Losing one or a pause in its orders is not a marginal event for a company this concentrated.
- Dependence on GPU supply — Supermicro's growth is tied to its ability to secure enough NVIDIA and AMD GPUs to build systems; supply shortages or being deprioritised versus other server makers directly caps revenue.
- Thin, competitive margins — Gross margin declined in fiscal 2025 on competitive pricing and customer mix. As larger rivals with more purchasing power chase the same AI server contracts, pricing pressure is a persistent risk rather than a one-time event.
- Rapid product transitions — New chip generations arrive quickly, and inventory or components built around the previous generation can lose value fast if a transition is mistimed.
Concentration des clients
Four customers each accounted for 10% or more of net sales in fiscal 2025, but the company does not disclose their combined share of revenue.
Les arguments en faveur
Buyers argue that Supermicro's speed in bringing new chip generations to market as complete systems, combined with its liquid-cooling and rack-scale engineering, keeps it a preferred partner as AI data-centre spending continues to grow.
Les arguments contre
Sellers fear that Supermicro is a low-margin assembler of components anyone can buy, dependent on a handful of customers and on GPU allocations it does not control, in a market where larger, better-capitalised rivals are chasing the same contracts.
Written by the editors, published on 18 août 2026
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
Bilan & Liquidités
Chiffre d'affaires
$33.70B
12 derniers mois (au 31/03/2026)
Résultat net
$1.25B
12 derniers mois (au 31/03/2026)
Flux de trésorerie libre
$1.53B
Capitaux propres totaux
$6.30B
Passif total
$7.72B
Ratio de liquidité général
2.66
Couverture des intérêts
11.02
Dette/EBITDA
3.47
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$66.59
Prix actuel
$38.13
Marge de sécurité
+42.7%
Fourchette de juste valeur
$43.28 - $89.89
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
18.41
ROE
16.6%
Ratio P/B
2.79
P/FCF
13.80
Marge brute
8.4%
ROIC
7.8%
Radar de rentabilité
Value Creation (Economic Moat)
ROIC
7.8%
WACC
13.7%
ROIC − WACC
-5.9 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
Critères d'analyse fondamentale
Réussi (17)
- EPS shows upward trend
- EPS CAGR 6.54%
- Price CAGR 29.52%
- ROIC 7.8%
- P/FCF 13.80
- P/B Ratio 2.79
- Debt/Equity ratio
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- ROE 18.2%
- Revenue Growth 5Y 45.8%
- Earnings Surprise avg 32.5%
- PEG Ratio 0.34
- Piotroski F-Score 5/9
Échoué (9)
- Gross Margin 8.4%
- Operating Margin 4.5%
- Positive Free Cash Flow
- Price below Graham Number
- DCF valuation (Overvalued)
- Analyst Consensus 37% Buy
- Earnings Quality (OCF/NI) -5.37
- Share Dilution 4.0%
- Net Margin Trend 3.7% vs 5.3%
Indisponible (2)
- Dividend Payout NaN%
- CapEx intensity
Score F de Piotroski
Signaux mixtes : certains domaines nécessitent attention
Qualité des bénéfices
Qualité faible : examiner la comptabilité
Dilution du capital
Émission de nouvelles actions, diluant la participation
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| Mr. Charles Liang | Founder, Chairman of the Board, President & CEO | 67 |
| Ms. Chiu-Chu Liu Liang | Co-Founder, Senior VP & Director | 63 |
| Mr. David E. Weigand | CFO, Company Secretary & Senior VP | 66 |
| Mr. Kenneth Cheung | Chief Accounting Officer | - |
| Mr. Yitai Hu | SVP of Corporate Development & General Counsel | - |
| Ms. DeAnna Luna | Acting Chief Compliance Officer | - |
| Mr. Shin-Chun Hsu | Sr. Chief Executive of Strategic Business | 76 |
| Mr. Vik Malyala | Chief Business Officer | - |
| Mr. Michael Thomas Staiger | Senior Vice President of Corporate Development | - |
| Mr. Jin Xiao | Senior Corporate Vice President of Engineering | 61 |
Risque d'audit
10
Risque du conseil
10
Risque de rémunération
9
Risque droits des actionnaires
9
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Latest News
Recent headlines for SMCI, sourced from Markets Gazette.
- 5d agoNEUTRALSupermicro investigation clears CEO in alleged $2.5 billion smuggling scheme while a criminal trial involving a cofounder is set for next year
Super Micro Computer's board has concluded its investigation into alleged smuggling activities, finding no evidence that CEO Charles Liang was aware of the scheme. This internal review clears the CEO, potentially alleviating some direct leadership concerns. However, the company still faces significant legal headwinds as a criminal trial involving a co-founder is scheduled for next year. This pending trial could still expose the company to further legal and reputational damage, creating an uncertain outlook for investors despite the CEO's exoneration.
- 13d agoNEUTRALSuper Micro gives a big sales forecast, but analysts wonder how long the momentum can last
Super Micro Computer Inc. (SMCI) has issued an optimistic sales forecast, signaling strong near-term growth prospects that have captured Wall Street's attention. The company's profitability trends and revenue projections have impressed investors, suggesting robust demand for its products. However, a prevailing sentiment among analysts questions the long-term sustainability of this momentum. This divergence highlights a potential risk for investors, as the current bullish outlook may face headwinds if the underlying drivers of growth prove to be temporary or if competitive pressures intensify. The market will be closely watching SMCI's ability to maintain its growth trajectory beyond the current cycle.
- 13d agoPOSITIVESuper Micro stock is rallying after results. Here’s what Wall Street is saying.
Super Micro Computer (SMCI) shares surged following its latest earnings report, with analysts largely maintaining a positive outlook. The company's performance, driven by strong demand for its AI-optimized server solutions, exceeded expectations. While specific figures were not detailed in this summary, the positive analyst sentiment suggests robust revenue growth and improved profitability. This rally indicates investor confidence in SMCI's strategic positioning within the booming AI hardware sector, potentially signaling continued upward momentum for the stock.
- 14d agoPOSITIVESuper Micro’s earnings report brings more good news, and the stock is climbing
Super Micro Computer Inc. has once again surpassed Wall Street's expectations with its latest earnings forecast, following a period of strong profitability guidance several weeks prior. This positive outlook suggests continued operational strength and market demand for the company's products. Investors are likely to view this sustained positive performance as a signal of robust growth potential, potentially leading to further stock appreciation and increased analyst confidence in the company's future financial trajectory.
- 7/21/2026POSITIVESuper Micro’s stock soars as its margins unexpectedly double
Super Micro Computer, Inc. (SMCI) saw its stock price surge following an upward revision to its gross margin expectations. The AI server manufacturer now anticipates gross margins to land between 15% and 17%, a significant increase attributed to a more favorable customer and product mix. This development suggests stronger pricing power and improved operational efficiency. For investors, this unexpected margin expansion indicates robust demand for SMCI's specialized AI hardware and could signal a sustained period of profitable growth, potentially leading to increased analyst ratings and price targets.
- 6/22/2026POSITIVESuper Micro’s stock is seeing its best run in a year thanks to Nvidia partnership
Super Micro Computer Inc. (SMCI) shares surged, leading gains on the S&P 500 index, marking its most significant rally in a year. This performance is largely attributed to an intensified partnership with Nvidia, a key player in artificial intelligence hardware. The collaboration is expected to drive demand for Super Micro's server solutions, crucial for AI infrastructure. Investors are reacting positively to the news, anticipating increased revenue and market share for SMCI as AI adoption accelerates. This strategic alliance positions Super Micro favorably within the rapidly expanding AI ecosystem.
- 6/20/2026POSITIVESuper Micro Jumped More Than 10%. Is the AI Server Maker Finally Turning a Corner?
Super Micro Computer Inc. (SMCI) saw its stock surge over 10% as the AI server maker demonstrates improving margins and a robust order backlog. This positive momentum suggests a potential turnaround for the company, driven by strong demand in the AI sector. However, investors should remain cautious due to a heavier balance sheet and an ongoing investigation that could present future headwinds. The recovery in margins and order flow are key indicators for the company's operational health and future revenue potential.
- 6/17/2026POSITIVE$1000 Invested In Super Micro Computer 15 Years Ago Would Be Worth This Much Today
An investment of $1000 in Super Micro Computer (SMCI) 15 years ago would have yielded a staggering return, illustrating the company's exceptional growth trajectory. While specific figures are not provided in this snippet, the implication is a multi-fold increase in value, far outperforming broader market indices. This highlights SMCI's significant technological advancements and market positioning, likely driven by demand for its high-performance server and storage solutions, particularly in AI and cloud computing sectors. Investors who held SMCI over this period have benefited immensely from its innovation and market capture.
- 6/12/2026POSITIVEStock Of The Day – Is This The Bottom For Super Micro Computer?
Super Micro Computer (SMCI) shares are showing signs of a potential rebound, having found support at a critical price level. This technical indicator suggests that the stock may be nearing a bottom, potentially setting the stage for a significant rally. Investors are closely watching SMCI for signs of a sustained upward trend, as a confirmed break above key resistance levels could signal a new bullish phase for the company's stock.
- 6/12/2026NEUTRALWhat's Going On With Super Micro Stock Friday?
Super Micro Computer (SMCI) is experiencing significant volatility, trading below key moving averages. Technical indicators present a mixed picture, with analysts closely watching support and resistance levels, as well as MACD readings. The stock's price action suggests uncertainty in the market regarding its short-term direction. Investors are advised to monitor these technical levels for potential trading opportunities or risks, as the current environment lacks a clear directional bias.
via Markets Gazette