# Super Micro Computer, Inc. (SMCI)

> Source: Nexqual · https://nexqual.com/SMCI · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Super Micro Computer, Inc. (SMCI), nexqual.com/SMCI" · informational, not investment advice.

**Price:** USD 33.72 (-5.20% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 35.57 · day 32.96–34.93 · 52w 19.48–54.08 · market cap $22.2B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $39.1B, net income $2.23B (5.7% margin), free cash flow -$6.97B (SEC filings).
- Valuation: P/E 9.9x (avg 27.1x at the last 3 fiscal year-ends), EV/EBITDA 6.8x, net cash $2.88B.
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $24.4M; 0 not under a Rule 10b5-1 plan ($0K); 4 by opportunistic insiders (0 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.89 on a 1–5 scale) (18 analysts), mean target USD 43.27 (range 15–60).
- Total return with dividends: 1Y -29.6% vs S&P 500 +14.9%; 5Y +855.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 1.2, revenue estimate $16.3B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $5.20B | $7.12B | $15.0B | $22.0B | $39.1B | $39.1B |
| Gross profit | $800M | $1.28B | $2.06B | $2.43B | $4.23B | — |
| Operating income | $335M | $761M | $1.21B | $1.25B | $2.77B | $2.77B |
| Net income | $285M | $640M | $1.15B | $1.05B | $2.23B | $2.23B |
| EPS (diluted) | $0.53 | $1.14 | $1.92 | $1.68 | $3.26 | — |
| Free cash flow | -$486M | $627M | -$2.61B | $1.53B | -$6.97B | -$6.97B |
| Gross margin | 15.4% | 18.0% | 13.8% | 11.1% | 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% |
| Revenue growth | +46.1% | +37.1% | +110.4% | +46.6% | +77.8% | — |
| Cash + short-term investments | $267M | $440M | $1.67B | $5.18B | $7.54B | — |
| Total debt | $597M | $290M | $1.70B | $4.65B | $4.66B | — |
Fiscal years end Jun. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 9.9x · P/S 0.6x · EV/EBITDA 6.8x · EV/Sales 0.5x · P/B 1.5x · FCF yield -31.47% · Earnings yield 10.07% · Net cash $2.88B · EV $19.3B
P/E at fiscal year-ends: Jun 2026 9.2x, Jun 2025 29.4x, Jun 2024 42.8x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
4 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-07 | Liu Liang Chiu-Chu Sara | Director | 100,000 | $4.5M | 0.2% | Yes (adopted May 26, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-10-07 | Liang Charles | President and CEO | 100,000 | $4.5M | 0.4% | Yes (adopted May 26, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-03…2026-09-04 | Liang Charles | President and CEO | 200,000 | $7.7M | 0.3% | Yes (adopted May 26, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-03…2026-09-04 | Liu Liang Chiu-Chu Sara | Director | 200,000 | $7.7M | 0.3% | Yes (adopted May 26, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.89 on a 1–5 scale), 18 analysts; mean target USD 43.27 (low 15, high 60).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Rosenblatt | Target raised | Buy | $51 → $57 |
| 2026-10-16 | Rosenblatt | Maintained | Buy | $51 |
| 2026-10-08 | Citigroup | Target raised | Neutral | $39 → $45 |
| 2026-10-06 | Mizuho | Target raised | Neutral | $35 → $43 |
| 2026-08-12 | Citigroup | Target raised | Neutral | $33 → $39 |
| 2026-08-12 | Goldman Sachs | Target raised | Sell | $30 → $34 |
| 2026-08-12 | Mizuho | Target raised | Neutral | $34 → $35 |
| 2026-08-12 | Wedbush | Target raised | Neutral | $34 → $40 |
| 2026-08-12 | Needham | Reiterated | Buy | $46 |
| 2026-08-12 | Barclays | Target raised | Equal-Weight | $38 → $39 |
| 2026-08-12 | Rosenblatt | Target raised | Buy | $45 → $51 |
| 2026-07-23 | Mizuho | Target lowered | Neutral | $44 → $34 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -29.6% | +855.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -29.7% | +56.9% |
| Volatility (annualized) | 95.5% | 91.6% |
| Max drawdown | -61.0% (Oct 2025→Mar 2026) | -83.7% (Mar 2024→Nov 2024) |

## Peers (Computer Hardware)
HPQ (HP Inc.) USD 33.76 +7.79% · LOGI (Logitech International S.A. - R) USD 112.52 +1.98% · IONQ (IonQ, Inc.) USD 31.16 -3.47% · P (Everpure, Inc.) USD 121.2 -7.43% · QBTS (D-Wave Quantum Inc.) USD 11.63 -3.88% · IQMX (IQM Quantum Computers Oyj) USD 8.9 -5.12%

## More
Full page: https://nexqual.com/SMCI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in SMCI's own 10-K filed 2026-08-31 (https://www.sec.gov/Archives/edgar/data/1375365/000137536526000022/smci-20260630.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Ablecom Technology | "In addition to providing a large volume of contract manufacturing services to us, Ablecom warehouses multiple components and subassemblies manufactured by various suppliers before shipping them to our facilities in the U…" |
| Supplier | Compuware Technology | "•Our reliance on Ablecom and Compuware could be subject to risks associated with our reliance on a limited source of contract manufacturing services and inventory warehousing;" |
| Partner | NVIDIA (NVDA) | "We work closely with NVIDIA, Intel and AMD, among others, to develop products that are compatible with the latest generation of industry-standard technologies under development." |
| Partner | Intel (INTC) | "We work closely with NVIDIA, Intel and AMD, among others, to develop products that are compatible with the latest generation of industry-standard technologies under development." |
| Partner | AMD (AMD) | "We work closely with NVIDIA, Intel and AMD, among others, to develop products that are compatible with the latest generation of industry-standard technologies under development." |
| Related party | Leadtek Research | "Prior to the Leadtek Investment, none of our related parties had direct or indirect material interests in any transactions in which we were a participant with Leadtek." |
| Competitor | Cisco (CSCO) | "•global technology vendors, such as Cisco, Dell, Hewlett-Packard Enterprise, and Lenovo; and" |
| Competitor | Dell Technologies (DELL) | "•global technology vendors, such as Cisco, Dell, Hewlett-Packard Enterprise, and Lenovo; and" |
| Competitor | Lenovo | "•global technology vendors, such as Cisco, Dell, Hewlett-Packard Enterprise, and Lenovo; and" |
| Competitor | Hon Hai (Foxconn) | "•ODMs, such as Foxconn, Quanta Computer, and Wiwynn Corporation." |
| Competitor | Quanta Computer | "•ODMs, such as Foxconn, Quanta Computer, and Wiwynn Corporation." |

Other companies that name SMCI in their own reports (relationship from SMCI's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | Penguin Solutions, Inc. (PENG) | 10-K 2026-10-20 | "They also include some of the world's largest providers of computing, communications and graphics processors, including Intel Corporation ("Intel"), Advanced Micro Devices, Inc. and TD SYNNEX Corporat…" |
| partner | Nutanix, Inc. (NTNX) | 10-K 2026-09-18 | "NAI provides inferencing on CNCF Kubernetes, running across public clouds, data centers, the edge, neoclouds, and OEM partner platforms (such as Cisco, Dell, and Supermicro), complete with Day 2 opera…" |
| customer | IREN Ltd (IREN) | 10-K 2026-08-27 | "We maintain relationships with semiconductor manufacturers, original equipment manufacturers ("OEMs"), original design manufacturers ("ODMs"), and other infrastructure suppliers, including NVIDIA, AMD…" |
| customer | HIVE Digital Technologies Ltd. (HIVE) | 10-K 2026-06-02 | "The Company has purchased GPU cards manufactured by Nvidia and AMD, while GPU server cases are manufactured by Dell or Supermicro." |
| partner | AIB Data Centers Inc. (AIB) | 10-K 2026-03-31 | "collaboration with Super Micro for AI data center hardware, supports our ability to execute on this strategy in a disciplined manner over" |
| partner | Rubrik, Inc. (RBRK) | 10-K 2026-03-19 | "Our Original Equipment Manufacturer Agreement with Supermicro expires in November 2026, with the option to terminate upon each automatic annual renewal thereafter, and does not contain minimum purchas…" |
| customer | Ingram Micro Holding Corp (INGM) | 10-K 2026-03-03 | "Our suppliers are the world's most trusted technology leaders, along with emerging technology brands, which include the industry's premier hyperscalers, computer hardware suppliers, mobility hardware …" |
| competitor | Hewlett Packard Enterprise Co (HPE) | 10-K 2025-12-18 | "Our primary competitors in data center infrastructure are technology vendors, such as Dell Technologies Inc., Super Micro Computer, Inc., Cisco Systems, Inc., and Lenovo Group Ltd. In certain regions,…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Service and Software | $169.8M | 1.5% | +97.4% |
| Service | $139.9M | 1.3% | +127.9% |
| Total revenue | $11.12B | 100% | — |
The lines above cover 2.8% of total revenue.

## Customer concentration

Period ended 2026-06-30: 28.1% of revenue from unnamed direct customers (10-K, filed 2026-08-31).

## Company outlook (8-K filed 2026-10-20)

- "Such forward looking statements may include statements regarding, among other things, updated guidance for the first quarter of fiscal year 2027 and statements regarding demand, new orders and backlog levels."
- "Additional factors that could cause actual results to differ materially from those projected or suggested in any forward-looking statements are detailed in our filings with the Securities and Exchange Commission, including those factors discussed under the caption "Risk Factors" in such filings, particularly in our Annual Report on Form 10-K for our fiscal year ended June 30, 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.20 | $0.76 | +56.7% | $16.26B | 17 |
| Next quarter (ends 2026-12-31) | $1.13 | $0.85 | +33.4% | $17.51B | 17 |
| Current fiscal year (ends 2027-06-30) | $4.67 | $3.35 | +39.4% | $70.00B | 18 |
| Next fiscal year (ends 2028-06-30) | $5.59 | $3.86 | +44.8% | $81.40B | 17 |