SMCI · Super Micro Computer, Inc.
Price & Indicators
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AI Brief
TL;DR.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
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our published analysis of this company-
Research ThesisSuper Micro Computer's 15–17% margin guide against a 10.1% recent print makes the bear trade the heavier one
The $60B FQ4 backlog is the cleanest demand signal in AI servers, but the lifted 15–17% gross-margin guide against a 10.1% Q3 FY2026 print, an active export-control board review, and 16.2% short interest leave the bear case as the heavier of the two trades heading into the August 11 print.
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Research ThesisSandisk's $42 billion contract floor has bought the bull case three times trailing revenue; the bear trades it for the multiple
Sandisk re-rated on one quarter of contracted datacenter revenue: three fiscal Q3 contracts carry roughly $42 billion of minimum contractual revenue, five multi-year deals are backed by over $11 billion of guarantees, and the stock still sits 45.3% off its $2,335 52-week high at 14.1× EV/Revenue, the cheapest of the three storage names on that multiple.
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders SellIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from its earnings releases, calls, and filings| Metric | Latest | Period | YoY |
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| Capital expenditures and investments | $46M | Q2 FY2026 | — |
| Cash flow used in operations | -$24M | Q2 FY2026 | — |
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| Non-GAAP diluted net income per common share non-GAAP | $0.69 | Q2 FY2026 | — |
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| Non-GAAP gross margin non-GAAP | 6.4% | Q2 FY2026 | — |
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| Capital expenditures | $32M | Q1 FY2026 | — |
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| Cash flow used by operations | $918M | Q1 FY2026 | — |
| Non-GAAP effective tax rate non-GAAP | 19.9% | Q1 FY2026 | — |
| Employees based in San Jose, California facilities | 2,948 | As of June 30, 2025 filing | — |
| Employees engaged in general and administrative | 545 | As of June 30, 2025 filing | — |
| Employees engaged in manufacturing | 1,733 | As of June 30, 2025 filing | — |
| Employees engaged in research and development | 3,255 | As of June 30, 2025 filing | — |
| Employees engaged in sales and marketing | 705 | As of June 30, 2025 filing | — |
| Total employees | 6,238 | As of June 30, 2025 filing | — |
| Total bank debt | $376M | As of December 31, 2023 | — |
| Non-GAAP net income non-GAAP | 673M | fiscal year 2023 | — |
| Non-GAAP net income per diluted share non-GAAP | $11.81 | fiscal year 2023 | — |
| Cash flow provided by operations | $161M | second quarter of fiscal year 2023 | — |
Figures exactly as the company stated them · click a metric with a to chart its history · period links open the stating document · "call" marks figures stated on the earnings call, "filing" figures stated in the 10-K/10-Q · YoY needs the prior-year figure on file
Versus peers
Computer Hardware — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
SMCI
this stock
Super Micro Computer, Inc.
|
$16.68B | -3.0% | +11.7% | 14.5 | 16.2% |
|
DELL
Dell Technologies Inc.
|
$262.36B | +224.4% | +18.8% | 32.3 | 2.0% |
|
ANET
Arista Networks, Inc.
|
$215.35B | +37.6% | +28.6% | 58.8 | 1.6% |
|
STX
Seagate Technology Holdings plc
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$190.97B | +211.4% | +1.6% | 80.8 | 3.3% |
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SNDK
Sandisk Corp
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$189.55B | +411.8% | — | 44.5 | 5.3% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| SMCI | -5.7% | +4.3% | -17.4% | -3.2% | -3.0% |
| SPY | +1.1% | +0.3% | +8.2% | +0.0% | +9.6% |
| vs SPY | -6.8% | +4.0% | -25.6% | -3.2% | -12.5% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.