At a glance
Super Micro Computer Inc is worth $20.00B, about 9 times its fiscal 2026 earnings. Revenue grew 77.8% to $39.06B in fiscal 2026, with 5.7% kept as profit; over 5 years it has grown 61.5% a year. It pays no dividend; it spent $350.0M buying back its shares over FY2022–FY2026. The stock returned −41.4% over the past year with dividends reinvested and +52.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 42.6% in the 2020 crash (S&P 500: 33.7%) and 31.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 1 month after the lows.
The business in plain English
Super Micro Computer (Supermicro) is a Silicon Valley company that designs and builds servers, data storage systems and full computing racks for data centers. Its focus is artificial intelligence (AI): it builds systems around graphics processing units (GPUs), the chips that power most AI work, from NVIDIA and AMD. Customers include corporate data centers, cloud service providers, and telecom and retail firms using edge computing, which processes data close to where it is created.
Supermicro earns its money from servers, storage systems, subsystems and accessories; revenue from management software, installation and support is counted within server and storage sales. Its pitch is speed: modular "Building Block" designs let it launch new systems quickly when chipmakers release new parts. It increasingly offers entire AI data center setups, called Data Center Building Block Solutions, including liquid cooling, which cools chips with circulating liquid instead of air. It reaches customers directly and through distributors, system integrators and other manufacturers, and builds products in Silicon Valley, Taiwan, Malaysia and the Netherlands.
In the fiscal year ended June 30, 2026, revenue was $39.1 billion, up 77.8% from a year earlier. The United States made up 70.9% of sales, Asia 15.5%, Europe 6.8% and other regions 6.7%. Margins are thin: gross margin, the share of sales left after the direct cost of products, was 10.8%.
Price history
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SMCI -41.4% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By geography
| United States | $27.69B | 70.9% |
| Asia | $6.06B | 15.5% |
| Europe | $2.67B | 6.8% |
| Other | $2.64B | 6.7% |
Latest results
- In Q4 FY2026 (ended Jun 30, 2026), revenue was $11.12B, up 93.2% from a year earlier, and net income was $1.18B (+503.7%).
- For fiscal 2026, revenue was $39.06B (+77.8% year over year; +61.5% a year from FY2021 to FY2026) with a 5.7% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +61.5% good |
|---|---|
| Operating margin | 7.1% watch |
| Free cash flow margin | -17.8% weak |
| Return on equity (FY2026) | 15.4% good |
| Return on assets (FY2026) | 7.4% watch |
| Net cash (cash minus debt) | $3.64B good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $3.56B | $111.9M | $64.9M |
| FY2022 | $5.20B | $285.2M | $-486.0M |
| FY2023 | $7.12B | $640.0M | $626.8M |
| FY2024 | $14.99B | $1.15B | $-2.61B |
| FY2025 | $21.97B | $1.05B | $1.53B |
| FY2026 | $39.06B | $2.23B | $-6.97B |
Valuation snapshot
| Market value | $20.00B |
|---|---|
| P/E ratio | 9.3 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Super Micro Computer’s market value went from $1.35B at the end of 2016 to $20.00B on Nov 2, 2026, about 14.9 times as much; since the end of 2025 it is up 14%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $20.00B | +14.4% |
| 2025 | $17.47B | -2.1% |
| 2024 | $17.85B | +17.8% |
| 2023 | $15.15B | +248.8% |
| 2022 | $4.34B | +93.6% |
| 2021 | $2.24B | +36.9% |
| 2020 | $1.64B | +36.3% |
| 2019 | $1.20B | +79.0% |
| 2018 | $672.0M | -34.1% |
| 2017 | $1.02B | -24.3% |
| 2016 | $1.35B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| SMCI price data to Nov 2, 2026 | +4.0% | -41.4% | +7.4% | +52.4% | +29.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +4.0% |
| 2025 | -4.0% |
| 2024 | +7.2% |
| 2023 | +246.2% |
| 2022 | +86.8% |
| 2021 | +38.8% |
| 2020 | +31.8% |
| 2019 | +74.1% |
| 2018 | -34.0% |
| 2017 | -25.4% |
| 2016 | +14.4% |
| 2015 | -29.7% |
| 2014 | +103.3% |
| 2013 | +68.2% |
| 2012 | -35.0% |
| 2011 | +35.9% |
| 2010 | +3.8% |
| 2009 | +75.7% |
| 2008 | -17.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 51.7% over that stretch · deepest drop along the way 64.2%, back to its old high 12.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 39.2% over that stretch · deepest drop along the way 42.6%, back to its old high 2.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 14.9% over that stretch · deepest drop along the way 31.3%, back to its old high 1 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 8 sales ($24.4M), 8 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 7, 2026 | Liang Chiu-Chu Sara Liu Director, 10% owner | sell (plan) | $4.5M |
| Oct 7, 2026 | Charles Liang President and CEO, Director, 10% owner | sell (plan) | $4.5M |
| Sep 4, 2026 | Charles Liang President and CEO, Director, 10% owner | sell (plan) | $4.0M |
| Sep 4, 2026 | Liang Chiu-Chu Sara Liu Director, 10% owner | sell (plan) | $4.0M |
| Sep 3, 2026 | Charles Liang President and CEO, Director, 10% owner | sell (plan) | $2.2M |
Who owns it
Large shareholders (13G filings)
| JANE STREET GROUP, LLC | 7.4% | Jun 30, 2026 |
| Vanguard Capital Management | 6.31% | Mar 31, 2026 |
| Capital Ventures International | 5.1% | Jun 30, 2026 |
| Vanguard Portfolio Management | 4.98% | Sep 30, 2026 |
| SIG Brokerage, LP | 4.5% | Dec 31, 2024 |
ETFs with the most weight in SMCI
| ARTY iShares Future AI & Tech ETF | 4.03% |
| RVER Trenchless Fund ETF | 3.86% |
| SOVF Sovereign's Capital Flourish Fund | 3.82% |
| IDGT iShares U.S. Digital Infrastructure and Real Estate ETF | 2.92% |
| AIVC Amplify Bloomberg AI Value Chain ETF | 2.9% |
| BUZZ VanEck Social Sentiment ETF | 2.73% |
| DTCR Global X Data Center And Digital Infrastructure ETF | 2.55% |
| LQAI LG QRAFT AI-Powered U.S. Large Cap Core ETF | 2.39% |
What could go wrong
- Reliance on Ablecom and Compuware. Supermicro relies on two partner firms, Ablecom and Compuware, for some contract manufacturing and inventory warehousing. The company itself warns of possible conflicts of interest and of depending on a limited source.
- History of late filings and weak controls. Supermicro filed some SEC reports late in prior years and found material weaknesses in internal controls, the checks that keep financial reports accurate. It has added controls, but a repeat could bring SEC enforcement.
- Sales depend on a few customers. Sales are concentrated in a few large customers. Losing one, a sharp cut in orders, or a key customer's financial trouble could shrink revenue substantially and hurt results.
- Heavy dependence on AI spending. The company says the AI industry has driven a significant portion of its success. Revenue jumped 77.8% in fiscal 2026; a slowdown in AI data center spending could hit sales hard.
- Thin margins, limited component suppliers. Supermicro relies on a limited number of suppliers for certain components, and prices for core parts can swing. With a 10.8% gross margin in fiscal 2026, there is little cushion if costs rise.
- Convertible securities could dilute shareholders. Its 2028, 2029 and 2030 convertible notes and mandatory convertible preferred stock may turn into common shares, shrinking existing owners' slice. The share count rose 28.6% between October 2021 and July 2026.
Recent events
- Quarterly results released
- Executive or board change
- Quarterly results released
- Other company announcement
- Quarterly results released
- Major agreement signed; Change to shareholder rights; Bylaws or fiscal year changed
- Major agreement signed; Investor presentation or announcement
- Other company announcement
- Executive or board change
- Quarterly results released
For income and retirement investors
Supermicro pays no dividend on its common stock. Its 10-K for the year ended June 30, 2026 says it expects no cash dividends in the foreseeable future, apart from a 7.00% dividend on its mandatory convertible preferred stock. For an income investor, any return depends on the share price. Share repurchases totaled $350 million over fiscal 2022 through 2026, yet the share count rose 28.6% between October 2021 and July 2026. Free cash flow, the cash left after running and investing in the business, was negative $6.97 billion in fiscal 2026.
The stock has fallen hard in downturns. It dropped 64.2% during the 2008 financial crisis and took about 13 months from its low to recover. It fell 42.6% in the 2020 COVID crash but recovered within three months. In the 2022 bear market it dipped 31.3%, yet gained 14.9% over the market's slide. As with any single stock, Supermicro carries more risk than a diversified fund.
Questions investors ask
Does Super Micro Computer (SMCI) pay a dividend?
No. Supermicro pays no dividend on its common stock, and its 10-K for the year ended June 30, 2026 says it does not expect to pay cash dividends in the foreseeable future. The one exception is a 7.00% dividend on its mandatory convertible preferred stock, a separate security from the common shares. The company repurchased about $350 million of stock over fiscal 2022 through 2026, but its share count still grew 28.6% between October 2021 and July 2026.
How does Supermicro make money?
Supermicro makes money by designing and supplying servers, storage systems and full racks of computing equipment, with a heavy focus on AI data centers. Its systems use chips from NVIDIA, AMD and Intel, and revenue from software, installation and support is counted within server and storage sales. Revenue reached $39.1 billion in the fiscal year ended June 30, 2026, with 70.9% from the United States. Profit per dollar of sales is slim: gross margin was 10.8% and net margin (profit after all costs) 5.7%.
Why is SMCI stock so volatile?
SMCI swings far more than the broad market. As of October 28, 2026, its one-year beta, a measure of how much a stock moves relative to the market, was 3.72. Over that year the stock fell 31.6%, and its deepest drop from a high was 61%. Its results depend heavily on AI spending and a few large customers, and its margins are thin. Gains can be large too: the stock rose about 246% in calendar 2023.
What is Supermicro's P/E ratio?
Supermicro's price-to-earnings (P/E) ratio was 11 as of October 28, 2026, based on earnings of $3.26 per share for the fiscal year ended June 30, 2026. The P/E divides the share price by a year of profit per share. A low figure can mean a stock is cheap, or that investors doubt profits will last. Worth weighing alongside it: a 10.8% gross margin and negative free cash flow of $6.97 billion in fiscal 2026. Its stock market value was about $23.5 billion on October 28, 2026.
Does Supermicro have a lot of debt?
Not on a net basis. As of June 30, 2026, Supermicro held $7.69 billion in cash and investments against $4.06 billion of total debt, leaving net cash (cash minus debt) of about $3.64 billion. Two caveats apply. Free cash flow was negative $6.97 billion in fiscal 2026, meaning the business used far more cash than it brought in. And its debt includes convertible notes that, along with its mandatory convertible preferred stock, could turn into new shares and dilute existing owners.