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SMCISupermicro

Technology · Computer Hardware · Nasdaq

We are a Silicon Valley-based provider of total information technology ("IT") solutions which address demanding workloads from the enterprise and cloud to the intelligent edge. 10-K, Item 1

Employees
7,000
Headquarters
San Jose, CA
CEO
Charles Liang
Next results
around Feb 2, 2027
Compare with peers → Embed
All key numbers (41, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)4.75Sales (ttm)54.0BNet income (ttm)3.7BSales growth+77.8%EPS growth+94.0%Sales Q/Q+298%
Free cash flow-6.5BGross margin11.7%Oper. margin8.6%Net margin6.8%FCF margin-12.0%ROE22.8%
ROA10.2%R&D / sales2.0%Dividend-Debt/Eq0.25Curr. ratio3.02Cash6.9B
Op. cash flow (ttm)-6.3BEBITDA2.8BEBITDA margin7.2%Net debt-2.9BQuick ratio1.86Interest cover14.24
ROIC11.1%Tax rate19.9%Stock pay / sales1.1%Shares out.659.2MShares Y/Y+11.0%Book / share24.37
Cash / share10.46Sales / share81.90Asset turnover1.51Inventory turns2.70Days sales out.57Sales 3Y CAGR+76.3%
Sales 5Y CAGR+61.5%EPS 3Y CAGR+41.9%EPS 5Y CAGR+73.2%Employees7,000Sales / employee7.7M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2026 against FY2025
  • Debt rose from $112.5M to $4.1B$112.5M → $4.1B · Short-term + long-term debt at year end
  • Free cash flow turned negative$1.5B → −$7.0B · Cash from operations − capital expenditure · 10-K ↗
  • Revenue growth sped up to +77.8%+46.6% → +77.8% · Revenue FY2026 / revenue FY2025 − 1, against the same a year earlier · 10-K ↗
What management wrote about it → · Every company →

SMCI against Technology peers

Ten years, side by side → · All 75 →
GrowthProfitBalanceCleanInsiders
SMCIPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 75 companies, the better end on the right. Hover a dot for the company.

Sales growth
+77.8%4th of 75 · median +14.1%
Net margin
6.8%63rd of 75 · median 19.1%
Return on equity
22.8%36th of 69 · median 23.9%
Free cash flow margin
-12.0%69th of 71 · median 22.3%
Debt / equity (less is better)
0.2515th of 61 · median 0.46
SMCI and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
SMCI Supermicro$54.0B +77.8%11.7%6.8%22.8%-12.0%0.25
CSCO Cisco$63.3B +11.8%64.5%21.0%26.4%20.2%0.59
INTC Intel$59.9B -0.5%39.9%-20.1%-10.5%6.3%0.44
HPQ HP Inc.$59.2B +3.2%19.9%4.1%-6.6%-
AMD Advanced Micro Devices$45.4B +34.3%53.7%16.8%11.1%15.5%0.10
CRM Salesforce$43.9B +9.6%77.3%22.0%25.2%34.5%1.02

From $5.2B of sales to $285.2M of profit

FY2022, from the 10-K income statement
Revenue to Gross profit: $800.0MRevenue to Cost of revenue: $4.4BGross profit to Operating profit: $335.2MGross profit to Operating expenses: $464.8MOperating profit to Net profit: $285.2MOperating profit to Tax & other: $50.0MOperating expenses to R&D: $272.3MOperating expenses to Sales, admin & other: $192.6M Revenue: $5.2B Revenue$5.2B +46% Y/Y Gross profit: $800.0M · 15% margin Gross profit$800.0M15% margin +50% Y/Y Cost of revenue: $4.4B · 85% of revenue Cost of revenue$4.4B85% of revenue Operating profit: $335.2M · 6% margin Operating profit$335.2M6% margin +170% Y/Y Operating expenses: $464.8M · 9% of revenue Operating expenses$464.8M9% of revenue Net profit: $285.2M · 5% margin Net profit$285.2M5% margin +155% Y/Y Tax & other: $50.0M · 1% of revenue Tax & other$50.0M1% of revenue R&D: $272.3M · 5% of revenue R&D$272.3M5% of revenue Sales, admin & other: $192.6M · 4% of revenue Sales, admin & other$192.6M4% of revenue

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From $7.1B of sales to $640.0M of profit

FY2023, from the 10-K income statement and revenue by region
United States to Revenue: $4.8BAsia to Revenue: $1.1BEurope to Revenue: $1.0BOther to Revenue: $235.5MRevenue to Gross profit: $1.3BRevenue to Cost of revenue: $5.8BGross profit to Operating profit: $761.1MGross profit to Operating expenses: $521.9MOperating profit to Net profit: $640.0MOperating profit to Tax & other: $121.1MOperating expenses to R&D: $307.3MOperating expenses to Sales, admin & other: $214.6M United States: $4.8B · 68% United States$4.8B68% Asia: $1.1B · 15% Asia$1.1B15% Europe: $1.0B · 14% Europe$1.0B14% Other: $235.5M · 3% Other$235.5M3% Revenue: $7.1B Revenue$7.1B +37% Y/Y Gross profit: $1.3B · 18% margin Gross profit$1.3B18% margin +60% Y/Y Cost of revenue: $5.8B · 82% of revenue Cost of revenue$5.8B82% of revenue Operating profit: $761.1M · 11% margin Operating profit$761.1M11% margin +127% Y/Y Operating expenses: $521.9M · 7% of revenue Operating expenses$521.9M7% of revenue Net profit: $640.0M · 9% margin Net profit$640.0M9% margin +124% Y/Y Tax & other: $121.1M · 2% of revenue Tax & other$121.1M2% of revenue R&D: $307.3M · 4% of revenue R&D$307.3M4% of revenue Sales, admin & other: $214.6M · 3% of revenue Sales, admin & other$214.6M3% of revenue

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From $15.0B of sales to $1.2B of profit

FY2024, from the 10-K income statement and revenue by region
United States to Revenue: $10.2BAsia to Revenue: $2.9BEurope to Revenue: $1.3BOther to Revenue: $595.4MRevenue to Gross profit: $2.1BRevenue to Cost of revenue: $12.9BGross profit to Operating profit: $1.2BGross profit to Operating expenses: $850.6MOperating profit to Net profit: $1.2BOperating profit to Tax: $58.1MOperating expenses to R&D: $463.5MOperating expenses to Sales, admin & other: $387.1M United States: $10.2B · 68% United States$10.2B68% Asia: $2.9B · 19% Asia$2.9B19% Europe: $1.3B · 9% Europe$1.3B9% Other: $595.4M · 4% Other$595.4M4% Revenue: $15.0B Revenue$15.0B +110% Y/Y Gross profit: $2.1B · 14% margin Gross profit$2.1B14% margin +61% Y/Y Cost of revenue: $12.9B · 86% of revenue Cost of revenue$12.9B86% of revenue Operating profit: $1.2B · 8% margin Operating profit$1.2B8% margin +59% Y/Y Operating expenses: $850.6M · 6% of revenue Operating expenses$850.6M6% of revenue Net profit: $1.2B · 8% margin Net profit$1.2B8% margin +80% Y/Y Tax: $58.1M · 0% of revenue Tax$58.1M0% of revenue R&D: $463.5M · 3% of revenue R&D$463.5M3% of revenue Sales, admin & other: $387.1M · 3% of revenue Sales, admin & other$387.1M3% of revenue

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From $22.0B of sales to $1.0B of profit

FY2025, from the 10-K income statement and revenue by region
United States to Revenue: $13.1BAsia to Revenue: $5.5BEurope to Revenue: $2.7BOther to Revenue: $698.3MRevenue to Gross profit: $2.4BRevenue to Cost of revenue: $19.5BGross profit to Operating profit: $1.3BGross profit to Operating expenses: $1.2BOperating profit to Net profit: $1.0BOperating profit to Tax & other: $204.1MOperating expenses to R&D: $636.5MOperating expenses to Sales, admin & other: $540.4M United States: $13.1B · 59% United States$13.1B59% Asia: $5.5B · 25% Asia$5.5B25% Europe: $2.7B · 12% Europe$2.7B12% Other: $698.3M · 3% Other$698.3M3% Revenue: $22.0B Revenue$22.0B +47% Y/Y Gross profit: $2.4B · 11% margin Gross profit$2.4B11% margin +18% Y/Y Cost of revenue: $19.5B · 89% of revenue Cost of revenue$19.5B89% of revenue Operating profit: $1.3B · 6% margin Operating profit$1.3B6% margin +3% Y/Y Operating expenses: $1.2B · 5% of revenue Operating expenses$1.2B5% of revenue Net profit: $1.0B · 5% margin Net profit$1.0B5% margin −9% Y/Y Tax & other: $204.1M · 1% of revenue Tax & other$204.1M1% of revenue R&D: $636.5M · 3% of revenue R&D$636.5M3% of revenue Sales, admin & other: $540.4M · 2% of revenue Sales, admin & other$540.4M2% of revenue

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From $39.1B of sales to $2.2B of profit

FY2026, from the 10-K income statement and revenue by region
United States to Revenue: $27.7BAsia to Revenue: $6.1BEurope to Revenue: $2.7BOther to Revenue: $2.6BRevenue to Gross profit: $4.2BRevenue to Cost of revenue: $34.8BGross profit to Operating profit: $2.8BGross profit to Operating expenses: $1.5BOperating profit to Net profit: $2.2BOperating profit to Tax: $540.0MOperating expenses to R&D: $771.2MOperating expenses to Sales, admin & other: $685.5M United States: $27.7B · 71% United States$27.7B71% Asia: $6.1B · 16% Asia$6.1B16% Europe: $2.7B · 7% Europe$2.7B7% Other: $2.6B · 7% Other$2.6B7% Revenue: $39.1B Revenue$39.1B +78% Y/Y Gross profit: $4.2B · 11% margin Gross profit$4.2B11% margin +74% Y/Y Cost of revenue: $34.8B · 89% of revenue Cost of revenue$34.8B89% of revenue Operating profit: $2.8B · 7% margin Operating profit$2.8B7% margin +121% Y/Y Operating expenses: $1.5B · 4% of revenue Operating expenses$1.5B4% of revenue Net profit: $2.2B · 6% margin Net profit$2.2B6% margin +113% Y/Y Tax: $540.0M · 1% of revenue Tax$540.0M1% of revenue R&D: $771.2M · 2% of revenue R&D$771.2M2% of revenue Sales, admin & other: $685.5M · 2% of revenue Sales, admin & other$685.5M2% of revenue

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Where each $100 of sales went

FY2022
FY2023
FY2024
FY2025
FY2026
  • Cost of revenue
  • R&D
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

2 of 4
  • !
    Net margin below the peer median6.8% vs 19.1%
  • !
    Gross margin down over 5 years15.0% → 10.8%
  • ✓
    Return on equity above 15%22.8%
  • ✓
    A profit in every one of 10 years
Net margin, FY2017 to FY2026: 2.7% → 5.7%

Balance sheet

4 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 14.2× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.25 on the latest balance sheet (peer median 0.46)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 3.02
  • ✓
    More cash than debtNet cash $2.9B
Debt / equity at each year end, FY2017 to FY2026: 0.21 → 0.28
What the debt is made of ↓

Cash and shareholders

0 of 3
  • !
    Free cash flow positive in 5 of 10 years−$7.0B last year
  • !
    Share count up over 5 years+30.3%
  • !
    Cash from operations below net income−$6.8B vs $2.2B
Free cash flow, FY2017 to FY2026: -125.6M → -7.0B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026
Debt: $4.0B Debt$4.0B Debt: $4.0B · 100% Debt$4.0B · 100% Next 12 months: $5.4M · 0% Next 12 months$5.4M · 0% Year 2: $5.4M · 0% Year 2$5.4M · 0% Year 3: $4.9M · 0% Year 3$4.9M · 0% Year 4: $2.0B · 50% Year 4$2.0B · 50%

The debt note's own lines, 2026-06-30

Line, as the company names itKindRateFixed or floatingAmount
2030 Convertible Notes (Convertible Notes Payable)Convertible0.39%not stated$2.3B
2029 Convertible Notes (Convertible Notes Payable)Convertible3.86%not stated$1.7B
2028 Convertible Notes (Convertible Notes Payable)Convertible2.97%not stated$690.0M

From the debt note in the 10-K's XBRL (0001375365-26-000022), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2017 to FY2026

Revenue 39.1B Net income 2.2B
FY2017 revenue 2.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001375365-19-000079 FY2017 net income 66.9M · NetIncomeLoss, 0001375365-19-000079 2.5B FY2017 FY2018 revenue 3.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001375365-20-000064 FY2018 net income 46.2M · NetIncomeLoss, 0001375365-20-000064 3.4B FY2018 FY2019 revenue 3.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001375365-21-000060 FY2019 net income 71.9M · NetIncomeLoss, 0001375365-21-000060 3.5B FY2019 FY2020 revenue 3.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001375365-22-000103 FY2020 net income 84.3M · NetIncomeLoss, 0001375365-22-000103 3.3B FY2020 FY2021 revenue 3.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001375365-23-000036 FY2021 net income 111.9M · NetIncomeLoss, 0001375365-23-000036 3.6B FY2021 FY2022 revenue 5.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001375365-25-000004 FY2022 net income 285.2M · NetIncomeLoss, 0001375365-25-000004 5.2B FY2022 FY2023 revenue 7.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001375365-25-000027 FY2023 net income 640.0M · NetIncomeLoss, 0001375365-25-000027 7.1B FY2023 FY2024 revenue 15.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001375365-26-000022 FY2024 net income 1.2B · NetIncomeLoss, 0001375365-26-000022 15.0B FY2024 FY2025 revenue 22.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001375365-26-000022 FY2025 net income 1.0B · NetIncomeLoss, 0001375365-26-000022 22.0B FY2025 FY2026 revenue 39.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001375365-26-000022 FY2026 net income 2.2B · NetIncomeLoss, 0001375365-26-000022 39.1B FY2026

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

SMCI's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Revenue39.1B
FY2017: 2.5BFY2018: 3.4BFY2019: 3.5BFY2020: 3.3BFY2021: 3.6BFY2022: 5.2BFY2023: 7.1BFY2024: 15.0BFY2025: 22.0BFY2026: 39.1B FY2018FY2020FY2022FY2024FY2026
Net income2.2B
FY2017: 66.9MFY2018: 46.2MFY2019: 71.9MFY2020: 84.3MFY2021: 111.9MFY2022: 285.2MFY2023: 640.0MFY2024: 1.2BFY2025: 1.0BFY2026: 2.2B FY2018FY2020FY2022FY2024FY2026
Free cash flow-7.0B
FY2017: -125.6MFY2018: 59.5MFY2019: 237.7MFY2020: -74.7MFY2021: 64.9MFY2022: -486.0MFY2023: 626.8MFY2024: -2.6BFY2025: 1.5BFY2026: -7.0B FY2018FY2020FY2022FY2024FY2026
EPS (diluted)3.26
FY2017: 0.13FY2018: 0.09FY2019: 0.14FY2020: 0.16FY2021: 0.21FY2022: 0.53FY2023: 1.14FY2024: 1.92FY2025: 1.68FY2026: 3.26 FY2018FY2020FY2022FY2024FY2026
Diluted shares697.3M
FY2017: 516.8MFY2018: 521.5MFY2019: 517.2MFY2020: 528.4MFY2021: 535.1MFY2022: 536.2MFY2023: 559.7MFY2024: 602.1MFY2025: 628.4MFY2026: 697.3M FY2018FY2020FY2022FY2024FY2026

Revenue by product or service

year to Jun 30, 2026
RevenueSharevs year before
Service and Software 538.3M1.4% +62.9%
Service 420.3M1.1% +88.4%

10-K 0001375365-26-000022, segment and revenue notes (XBRL).

Revenue by region

year to Jun 30, 2026
RevenueSharevs year before
United States 27.7B70.9% +112%
Asia 6.1B15.5% +10.4%
Europe 2.7B6.8% -1.9%
Other 2.6B6.7% +277%

10-K 0001375365-26-000022, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Revenue2.5B3.4B3.5B3.3B3.6B5.2B7.1B15.0B22.0B39.1B
Cost of revenue2.1B2.9B3.0B2.8B3.0B4.4B5.8B12.9B19.5B34.8B
Gross profit350.0M430.0M495.5M526.2M534.5M800.0M1.3B2.1B2.4B4.2B
R&D144.0M165.1M179.9M221.5M224.4M272.3M307.3M463.5M636.5M771.2M
SG&A44.6M98.6M141.2M133.9M100.5M102.4M99.6M197.3M267.2M332.9M
Operating income94.9M94.7M97.2M85.7M123.9M335.2M761.1M1.2B1.3B2.8B
Interest expense2.3M5.7M6.7M2.2M2.5M6.4M10.5M19.4M59.6M194.6M
Pretax income91.6M88.2M89.5M84.8M118.6M336.8M754.3M1.2B1.2B2.8B
Income tax24.4M38.4M14.9M2.9M6.9M52.9M110.7M63.3M156.9M556.3M
Net income66.9M46.2M71.9M84.3M111.9M285.2M640.0M1.2B1.0B2.2B
EPS (diluted)0.130.090.140.160.210.531.141.921.683.26
Diluted shares516.8M521.5M517.2M528.4M535.1M536.2M559.7M602.1M628.4M697.3M
Depreciation & amortization16.4M21.8M24.2M28.5M28.2M24.8M26.9M30.1M41.0M53.0M
EBITDA111.2M116.6M121.4M114.1M152.1M360.0M788.0M1.2B1.3B2.8B
Gross margin14.1%12.8%14.2%15.8%15.0%15.4%18.0%13.8%11.1%10.8%
Operating margin3.8%2.8%2.8%2.6%3.5%6.5%10.7%8.1%5.7%7.1%
Net margin2.7%1.4%2.1%2.5%3.1%5.5%9.0%7.7%4.8%5.7%
Revenue growth-+35.2%+4.2%-4.6%+6.5%+46.1%+37.1%+110%+46.6%+77.8%
EPS growth--31.0%+56.2%+15.1%+30.6%+154%+115%+68.4%-12.5%+94.0%

Cash flow

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Operating cash flow-96.2M84.3M262.6M-30.3M123.0M-440.8M663.6M-2.5B1.7B-6.8B
Capital spending29.4M24.8M24.8M44.3M58.0M45.2M36.8M124.3M127.2M162.0M
Free cash flow-125.6M59.5M237.7M-74.7M64.9M-486.0M626.8M-2.6B1.5B-7.0B
Stock-based pay (added back)19.7M24.7M21.2M20.2M28.5M32.8M54.4M231.5M314.5M412.1M
Buybacks18.5M00-------
Acquisitions----002.2M296K00
Debt raised207.0M107.3M41.8M164.8M127.1M1.2B1.1B2.2B1.4B4.5B
Debt repaid140.5M220.3M67.7M159.2M60.6M640.7M1.4B2.0B1.8B520.5M
Investing cash flow-29.4M-25.9M-24.8M-43.6M-58.0M-46.3M-39.5M-194.2M-183.2M-200.3M
Financing cash flow57.7M-50.8M-95.8M23.8M-44.4M522.9M-448.3M3.9B2.0B9.5B

Stock-based pay and leases

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Stock-based pay (expense)19.7M24.7M21.2M20.2M28.5M32.8M54.4M231.5M314.5M412.1M
Stock-based pay / revenue0.8%0.7%0.6%0.6%0.8%0.6%0.8%1.5%1.4%1.1%
Operating lease cost---7.0M7.8M8.3M8.3M10.0M23.0M59.8M
Operating lease cash paid---6.4M8.0M8.0M8.3M9.3M17.8M52.1M
Finance lease principal paid---138K------
Right-of-use assets--023.8M20.0M23.7M18.9M34.6M293.7M521.3M
Operating lease liabilities--15.2M24.4M20.9M23.8M19.2M35.4M301.6M539.6M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on SMCI in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/SMCI/export.csv") into a cell.