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$SMCI$28.39 ▲4.8%
Super Micro Computer, Inc.
WHAT THEY DO
Super Micro designs and sells high-performance servers, storage and rack-scale systems, including liquid-cooled AI servers built around Nvidia and AMD chips. It sells mostly to data centers, cloud providers and enterprises, making money on hardware margins plus growing software and services.
💎 CONVERGENCE PLAY — in 3 themes
AI Data Center BuildoutLiquid CoolingEdge AI
PRICE
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REVENUE MIX
Server & Storage Systems88%
Subsystems & Accessories9%
Software & Services3%
COST
COGS88%
R&D4%
SG&A3%
Op Margin10%
FINANCIAL HEALTH
Reported through Sep 30, 2026
Figures are trailing twelve months (TTM) unless marked otherwise.
REVENUE
$54.0B
Growth
298%
QTR YOY
Gross M.
12%
P/E
5.7
EV/EBITDA
5.2
Net M.
7%
FCF M.
-15%
D/E
0.6
LATEST QTR
Op M.
10%
PLUG INTO YOUR DCF
Historical growth
61.5%
Analyst 5y growth
—
Forward P/E
4.5
PEG ratio
0.90
Trailing EPS
$4.70
Forward EPS
$6.00
Multiple compressing
Forward P/E is lower than trailing — earnings are expected to grow into the price.
CAPEX & R&D — LAST 0 FISCAL YEARS (SEC FILINGS)
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TAM
SIZE
$400B by 2030
CAGR
12%
AI server and data center infrastructure spend is the core addressable market, driven by hyperscaler and enterprise GPU cluster buildouts. Liquid-cooling adoption is a fast-growing sub-segment where Super Micro has early design wins. Growth is lumpy and tied to AI capex cycles.
RISK ASSESSMENT
HIGExtreme customer concentration and lumpy hyperscaler AI capex; a single large customer can swing revenue materially.
MEDRazor-thin 12% gross margin leaves little buffer if GPU allocation costs rise or pricing competition intensifies.
LOWPrior accounting and filing-delay history raises governance and disclosure concerns.
🐂 BULL
Revenue is compounding at triple-digit rates on AI rack-scale and liquid-cooling demand while the stock trades at ~5.7x earnings and 5.2x EV/EBITDA, an extreme discount to growth.
🐻 BEAR
Margins are thin and customer concentration is high, so any pause in hyperscaler AI capex or share loss to Dell/Foxconn could compress earnings fast despite the cheap multiple.
EARNINGS
EPS · Q1 FY2026
Beat ✓
REVENUE
Beat ✓
MANAGEMENT TONE
BearishBullish
🔗 IMPACT ON YOUR THESIS
AI rack-scale and liquid-cooling leadership drives outsized revenue growth
On Track→On Track
298% YoY revenue growth confirms AI server demand is accelerating.
Gross margin sustainability near 12% under GPU cost pressure
Watch→Watch
GM held near 12% but remains thin; no margin expansion yet.
Valuation at ~5.7x P/E and 5.2x EV/EBITDA is deeply discounted vs peers
On Track→On Track
Strong results keep the multiple compressed, widening the value gap.
AI-powered data, computed by TreasureX · May contain inaccuracies
⚠️
All values, scores, and figures here are computed from your own assumptions and public data, for educational purposes only. This is not investment advice — TreasureX does not recommend buying or selling any security. Results change with your inputs. Please do your own research and use your own judgement before making any investment decision.