SMCISuper Micro Computer, Inc.
Is the business good?
More warning than reassurance: 1 of 9 health tests passed and margins compressing.
Weak, deteriorating fundamentals. Nine pass/fail tests of year-over-year health from the filings.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
A balanced mix of margins, efficiency, and leverage. ROE 14% = margin × turnover × leverage.
Unless marked, from derived.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is SMCI?
Super Micro Computer, Inc. keeps 7.1% of every revenue dollar as operating profit, against 2.9% for the median Computer Hardware name.
Operating margin · Computer Hardware median 2.9% · 12 months to Q4 2026
- R&D as % of revenue
- 2.0%
R&D as % of revenue
- Gross margin
- 11%
Gross margin
| Year | Operating margin |
|---|---|
| FY2021 | 3.5% |
| FY2022 | 6.5% |
| FY2023 | 11% |
| FY2024 | 8.1% |
| FY2025 | 5.7% |
| FY2026 | 7.1% |
Details›
- Gross margin12 months to Q4 2026
- 11%
- Operating margin12 months to Q4 2026
- 7.1%
- Net margin12 months to Q4 2026
- 5.7%
- Free cash flow margin
- −18%
- R&D as % of revenue
- 2.0%
- Revenue, trailing twelve months
- $39.1B
- Free cash flow, trailing twelve months
- −$6.97B
- Net income, trailing twelve months
- $2.23B
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from SMCI and who it buys from, as the companies report it.
- Customer one28%
Share of revenue · FY2026 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; SMCI’s own figures are from its FY2026 10-K. Smaller customers and suppliers go unreported.