SMCI Super Micro Computer Inc.
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Daily prices, adjusted for splits. P/E and P/S value each day on the results published by then; a gap in P/E means the trailing year had no profit.
Computer Hardware · San Jose, CA · 7,000 employees · supermicro.com
Super Micro Computer designs and sells modular server and storage architectures, including specialized air-cooled and liquid-cooled computing platforms built for enterprise applications. It generates revenue by providing complete server racks, modular components, management software, and ongoing technical support to data centers and corporate clients globally.
Bull case
The company maintains a profitable operating profile with cash reserves that exceed its debt, alongside contracted backlog growth that has outpaced sales. It also experiences demand tailwinds from supplying hardware essential for artificial intelligence workloads.
- Trades at the 5th percentile of its own valuation history.
- Annual revenue growth rose from +47% to +78%.
- It holds more cash than debt and is profitable.
- Contracted backlog grew +257% over the year, against +78% for revenue.
Bear case
The business faces uncertainty highlighted by warning language in its latest regulatory filing and negative cash generation after accounting for stock-based compensation. In addition, it depends heavily on the continuation of artificial intelligence infrastructure spending and relies on a concentrated group of buyers for a major portion of sales.
- Its latest filing carries warning language.
- Burns cash after stock pay (-19% of revenue).
- The share price trend is still falling.
- Its sector cycle (AI Infrastructure CapEx) is in saturation.
Features
- V-DEEP-VALUE Deep value The price is 51% below its own-history reference value.
- V-ACCELERATING Growth accelerating Annual revenue growth rose from +47% to +78%. Shared by most companies we track
- H-FORTRESS Fortress balance sheet It holds more cash than debt and is profitable.
- F-BACKLOG-VELOCITY Backlog outpacing revenue Contracted backlog grew +257% over the year, against +78% for revenue.
- F-UPSIDE Analyst upside Analysts' average target is 38% above the price. Shared by most companies we track
- F-ANALYST-BEARISH Analysts cautious Only 22% of analysts rate it positively.
AI impact
Supplies what AI runs on Tailwind
The company sells server, storage, networking, and liquid-cooling systems used to run artificial intelligence workloads in data centers. It benefits from demand for these computing systems, though its results depend on continued data center spending by a small group of large customers.
Where AI helps it
- Sells what AI workloads consume
Where AI could hurt it
- Depends on the AI build-out continuing
- A few AI customers buy much of what it sells
- Borrows to build the AI capacity it sells or runs (minor)
In the company's words
During fiscal year 2026, we advanced our transformation into a total data center infrastructure provider through our Data Center Building Block Solutions ® (“DCBBS”), an integrated offering that delivers complete, modular AI infrastructure from validated components and sub-systems, ranging from…
• Revenue and margin variability due to potential volatility in emergent and rapidly evolving markets (such as AI), increased competition, challenging and inconsistent global macroeconomic environment.
Assessed by AI from the company's own annual report filed 31 Aug 2026. A reading of the business, not a forecast or a recommendation.
Valuation position
SMCI is at the 5th percentile of its own valuation history. Depending on how far back you look, it ranges from the 2nd to the 5th percentile. This is a relative measurement, not a price target or recommendation, and it assumes the business is still the one its history describes.
The band is the range it reads at depending on how far back you look; the dot is where this page places it.
Price ladder
The measured price sits in the Discount zone. These are reference zones, not buy instructions or forecasts that the prices will be reached.
Confirmed break: at least one break condition is active.
Trend gate active: the price is still falling through this zone.
This ladder rests on the company's own valuation history alone: there are too few comparable companies to cross-check it, so treat its zones as less certain.
Quality versus peers
Each dimension is shown on its own; they are not combined into a score.
Current analyst snapshot
Shown for reference only; not used in any measurement.
What would have to break
- Not triggered — Revenue decline
- Not triggered — Margin break
- Not triggered — Cash burn with rising debt
- Not triggered — Heavy dilution
- Triggered — Warning language in filings
News
No recent brief on this company.