Credit and interest ratesmixed · 5 filings
“Aggregate borrowings under all the Increased CTBC Credit Lines are subject to a cap of $ 185.0 million.”10-K · Aug 31, 2026 ↗
Super Micro Computer, Inc.
SMCI
Market read
Super Micro Computer, Inc.'s current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 10 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 11 directly disclosed connections are confirming.
What changed
- Revenue increased 122.7% versus the comparable filing period.
Company+7.1% todayVolume comparison unavailable
Market group0 of 10 activeEnergy Transition · unavailable
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- Inventory and receivables grew far faster than revenue, driving a sharp deterioration in operating cash conversion.
- Gross margin narrowed as Super Micro used competitive pricing, alongside product and customer mix changes and higher manufacturing expenses.
Invalidation: The isolated read changes if SMCI's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 10 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 11 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 122.7% versus the comparable filing period.
- Operating margin improved 2.9 percentage points.
- Net income increased 344.4% versus the comparable filing period.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- Inventory and receivables grew far faster than revenue, driving a sharp deterioration in operating cash conversion.
- Gross margin narrowed as Super Micro used competitive pricing, alongside product and customer mix changes and higher manufacturing expenses.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations602
Usable filing statements211
Verified relationships17
Evidence supporting the case
- Latest annual revenue changed +77.8% year over year.
- Operating margin changed +1.4 percentage points in the latest annual period.
- Demand and volume has repeated favorable evidence across 5 filings.
- Product pipeline and R&D has repeated favorable evidence across 5 filings.
- Data center and AI demand has repeated favorable evidence across 4 filings.
Evidence challenging the case
- Diluted shares increased 11.0% in the latest annual period.
- Operating cash flow was only -3.053x net income in the latest annual period.
- Restructuring and cost reductions has repeated adverse evidence across 5 filings.
- Pricing and mix has repeated adverse evidence across 4 filings.
- Tariffs and trade policy has repeated adverse evidence across 4 filings.
Questions before a position
- P/E is 70% below the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 84% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 11, 2026
40.106m+29.8%12m-8.7%24m-89.6%
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2022-06-30$5.2B+46.1%$0.53—
2023-06-30$7.1B+37.1%$1.14+4.4%
2024-06-30$15.0B+110.4%$1.92+7.6%
2025-06-30$22.0B+46.6%$1.68+4.4%
2026-06-30$39.1B+77.8%$3.26+11.0%
What management says matters
Persistent and emerging business drivers
Demand and volumemixed · 5 filings
“The $30.8 million or 106.2% year-over-year increase in interest income was primarily attributable to a $31.0 million or 104.8% increase in interest income due to higher average monthly cash balances held in interest-bearing demand deposit accounts.”10-K · Aug 31, 2026 ↗
Product pipeline and R&Dpositive · 5 filings
“The $83.4 million or 44.0% year-over-year increase in sales and marketing expenses was primarily driven by a $53.5 million or 30.9% increase in employee-related costs, mainly due to a $30.9 million or 23.0% increase in salaries and a $16.6 million or 78.3% in…”10-K · Aug 31, 2026 ↗
Restructuring and cost reductionsnegative · 5 filings
“Fiscal Year 2026 Compared with Fiscal Year 2025 The period-over-period decrease of $3.7 million or 59.7% in share of loss from equity investees, net of taxes was primarily due to the impairment of the Corporate Venture investment in fiscal year 2025, which di…”10-K · Aug 31, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 0.7× · EV/sales 0.5×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
40.06+7.1% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 16:00 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for SMCI. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Earlier comparable assessment · baseline
Fundamentals strengthened in the latest filing
10-Q filed 2026-05-11 against the comparable filing from 2025-05-12.
A newer Struct brief is shown above. This older assessment remains here for comparison, not as the current read.
OperationsconstructiveEvidence score +4
liquidityneutralEvidence score 0
valuationdiscount
What improved
- Revenue increased 122.7% versus the comparable filing period.
- Operating margin improved 2.9 percentage points.
- Net income increased 344.4% versus the comparable filing period.
What weakened
No thresholded deterioration was identified.
Filing receipts
“Additionally, there was a $6.0 million, or 2000.0%, increase in financial fees primarily driven by a $5.7 million, or 100.0%, increase in factoring fees for the receivables sold under the Receivables Purchase Agreement, a $2.4 million or 133.3% increase in excise and franchise tax expense directly related to the increase in sales compared to prior-year quarter which increased the related tax expense, and a $1.6 million, or 6.5%, increase in professional and service fees primarily from additional external accounting, tax, legal and advisory services to support our external reporting related activities.”
“Additionally, there was a $7.2 million, or 124.1% increase in excise and franchise tax expense directly related to the increase in sales compared to prior-year which increased the related tax expense, a $6.0 million, or 857.1%, increase in financial fees primarily driven by a $5.7 million, or 100.0% increase in factoring fees for the receivables sold under the Receivables Purchase Agreement, a $6.0 million, or 12.3%, increase in professional and service fees primarily from additional external accounting, tax, legal and advisory services to support our external reporting related activities, and an increase of $5.6 million or 65.1% in indirect facilities costs such as rental costs, utility co...”
“Comparison of the Nine Months Ended March 31, 2026 and 2025 The $11,329.4 million or 79.1% increase in cost of sales was primarily driven by an increase of approximately $10,636.2 million or 72.0% in certain products including GPU servers, HPC systems, and rack-scale solutions, consistent with the higher shipment volume during the nine months ended March 31, 2026, as compared to the nine months ended March 31, 2025.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind SMCI
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
NVDANVIDIA CorporationcompetitorMay 11, 2026 ▾
“Accordingly, we closely monitor the product introduction cycles of industry leaders, including NVIDIA Corporation, Intel Corporation, Advanced Micro Devices, Inc., Broadcom Inc., Samsung Electronics Company Limited, Micron Technology, Inc.”
AMDAdvanced Micro Devices, Inc.competitorMay 11, 2026 ▾
“Accordingly, we closely monitor the product introduction cycles of industry leaders, including NVIDIA Corporation, Intel Corporation, Advanced Micro Devices, Inc., Broadcom Inc., Samsung Electronics Company Limited, Micron Technology, Inc.”
Depended on by
RBRKRubrik, Inc.supplierMar 19, 2026 ▾
“Manufacturing We rely on a limited number of contract manufacturers, including Super Micro Computer, Inc., or Supermicro, to assemble, test, and load our software onto Supermicro servers to deliver Rubrik-branded commodity servers, or Rubrik-branded Appliance…”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 8 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
SMCI is currently a Follower in the organic co-movement group Energy Transition. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.