I.Executive Summary
Supermicro designs and builds servers, storage and full rack-scale data-center systems, and has become one of the largest builders of NVIDIA-based AI server racks. In fiscal 2026 (the year to 30 June 2026) revenue rose 77.8% to $39.06 billion, net income was $2.23 billion and diluted EPS was $3.26. Management guides fiscal 2027 revenue to $65–72 billion.
On headline multiples the stock looks cheap: about 9.5× consensus fiscal 2027 earnings and 0.69× sales. The value question is whether those earnings turn into cash, and so far they have not. Over the last five fiscal years SMCI reported $5.36 billion of cumulative net income and −$7.91 billion of cumulative free cash flow. The gap was filled with bank debt, convertible notes, new common stock and, in June 2026, $4.31 billion of mandatory convertible preferred stock. The governance record is also blemished: a 2020 SEC accounting settlement, a 2024 auditor resignation followed by months of delayed filings, and a 2026 export-control indictment of three individuals associated with the company.
SMCI is a fast-growing, thin-margin, capital-hungry business, and today's price is roughly our base-case value. The growth is real, but at this price a value investor is not paid for the risks.
Our illustrative estimate of intrinsic value is $18 (bear), $43 (base) and $92 (bull) per share, or $45 weighted by probability, against a price of $41.02. That leaves a margin of safety of roughly 5–10%, well short of the 25–35% we would want given the risks set out in Section X. *All values are Pathos's illustrative estimates, not price targets or recommendations.
II.Business Overview
What it sells. SMCI sells application-optimized servers and storage systems, complete liquid- or air-cooled racks, and more recently whole-data-center "Data Center Building Block Solutions" (DCBBS). It also sells subsystems such as motherboards, chassis and power supplies. Its fiscal 2026 portfolio included systems for NVIDIA's Blackwell and Blackwell Ultra platforms (GB300 NVL72, GB200 NVL72, HGX B300/B200), and it has announced support for NVIDIA's upcoming Vera Rubin platform. Manufacturing is in-house, in the US, Taiwan and the Netherlands. The company was founded in San Jose in 1993 by Charles Liang, who remains President, CEO and Chairman.
Who buys it. SMCI sold to more than 1,000 customers in over 100 countries in each of the last three fiscal years, but revenue is concentrated. One customer accounted for 28.1% of fiscal 2026 net sales, and the United States for 70.9% of revenue.
Who supplies it. One supplier accounted for 63.1% of total purchases in fiscal 2026 (64.4% in FY25, 65.4% in FY24). The 10-K does not name it. Given the GPU-centric product mix, it is widely assumed to be NVIDIA; that identification is our inference, not a company disclosure.
Competition. In its 10-K the company names global vendors (Cisco, Dell, Hewlett Packard Enterprise, Lenovo) and original design manufacturers (Foxconn, Quanta Computer, Wiwynn), which it says benefit from scale and very low-cost manufacturing.
Economics in one line. SMCI is a high-volume system integrator. Gross margins ran between 10.8% and 18.0% over the last five years, and each dollar of growth needs a lot of inventory and receivables.
III.Share Price & Valuation Multiples
Price as of Nasdaq close, 29 Sep 2026 · Fundamentals: FY2026 10-K| Metric | Value | Basis |
|---|---|---|
| Share price | $41.02 | Close, 29 Sep 2026 |
| 52-week range | $19.48 – $58.78 | Low 23 Mar 2026 · high 9 Oct 2025 (intraday) |
| Market capitalisation | $26.95B | 656.97M shares (10-K cover, 31 Jul 2026) × $41.02 |
| Enterprise value | $32.46B | Mkt cap + $8.72B debt + $4.31B preferred (liq. pref.) − $7.52B cash |
| P/E, trailing (GAAP) | 12.6× | FY26 diluted EPS $3.26 |
| P/E, trailing (non-GAAP) | 11.3× | FY26 non-GAAP diluted EPS $3.63 (excludes stock comp) |
| P/E, forward | 9.5× | FY27 consensus EPS $4.34 (18 analysts), likely non-GAAP |
| EV / EBITDA | 11.5× | FY26 op. income $2,770M + D&A $54M = $2,824M |
| EV / Adjusted EBITDA | 9.4× | Company-defined, adds back $412M stock comp: $3,447M |
| Price / Sales | 0.69× | FY26 revenue $39,063M (EV/Sales 0.83×) |
| Price / Book | 2.6× | Common equity $10.25B ($14.48B less $4.23B preferred); $15.61/share |
| Price / Free cash flow | n/m | FY26 FCF was −$6.97B; five-year cumulative −$7.91B |
| Dividend yield (common) | None | The company has never paid a common dividend |
The low multiples reflect the business model (thin margins, heavy working capital), the governance discount and cyclical risk around AI capital spending. The forward P/E depends on consensus figures that rose sharply after the August results: the fiscal 2027 consensus was reported at $3.35 thirty days before mid-September. On a GAAP basis, management guided first-quarter fiscal 2027 EPS to $0.89–0.98 per diluted share on revenue of $14.5–15.5 billion. For context only (not an input to our work), the mean analyst price target compiled by Yahoo Finance was $42.38 (16 analysts). Our enterprise value counts the preferred stock at its $4.31B liquidation preference. On an as-converted basis (130.7M extra shares at today's price) the equity would be worth about $32.3B.
IV.Five-Year Financial Record
Source: SMCI Forms 10-K (FY2022–FY2026); FY2027 range is management guidance from the 11 Aug 2026 results release, not a reported result. GM = gross margin.
| US$ millions, FY to 30 Jun | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Revenue | 5,196 | 7,123 | 14,989 | 21,972 | 39,063 |
| Growth | 46.1% | 37.1% | 110.4% | 46.6% | 77.8% |
| Gross profit | 800 | 1,283 | 2,061 | 2,430 | 4,227 |
| Gross margin | 15.4% | 18.0% | 13.8% | 11.1% | 10.8% |
| Operating income | 335 | 761 | 1,211 | 1,253 | 2,770 |
| Operating margin | 6.5% | 10.7% | 8.1% | 5.7% | 7.1% |
| Net income | 285 | 640 | 1,153 | 1,049 | 2,230 |
| Net margin | 5.5% | 9.0% | 7.7% | 4.8% | 5.7% |
| Diluted EPS (split-adj.) | $0.53 | $1.14 | $1.92 | $1.68 | $3.26 |
| Stock-based compensation | 33 | 54 | 232 | 314 | 412 |
| Operating cash flow | (441) | 664 | (2,486) | 1,660 | (6,810) |
| Capital expenditure | (45) | (37) | (124) | (127) | (162) |
| Free cash flow | (486) | 627 | (2,610) | 1,532 | (6,972) |
| Diluted shares (wtd. avg., M) | 536.2 | 559.7 | 602.1 | 628.4 | 697.3 |
Fiscal 2026 by quarter: an uneven year
| US$ millions | Q1 (Sep 25) | Q2 (Dec 25) | Q3 (Mar 26) | Q4 (Jun 26) |
|---|---|---|---|---|
| Revenue | 5,018 | 12,682 | 10,243 | 11,120 |
| Gross margin | 9.3% | 6.3% | 9.9% | 17.5% |
| Operating margin | 3.6% | 3.7% | 6.1% | 13.4% |
| Net income | 168 | 401 | 483 | 1,178 |
| Diluted EPS | $0.26 | $0.60 | $0.72 | $1.62 |
More than half of fiscal 2026 net income came in the fourth quarter, when gross margin jumped to 17.5% from 9.9% the quarter before. Management credits a richer mix of enterprise customers and wider adoption of DCBBS. For the full year, though, the 10-K says gross margin fell (to 10.8% from 11.1%) because of "competitive pricing to gain market share, change in product and customer mix, and higher manufacturing related expenses." A value investor should not extrapolate one strong quarter. Our base case assumes margins well below Q4's level.
V.Cash Conversion & Earnings Quality
Source: SMCI Forms 10-K; FCF = operating cash flow − capex (Pathos calculation).
This is the crux of the value debate. SMCI's profits are real accounting profits, but they have been consumed by working capital as the company grows. In fiscal 2026 the cash flow statement shows inventories absorbing $8.88B and receivables $3.92B, partly offset by customer deposits (deferred revenue, +$1.88B) and payables (+$0.96B). Year-end inventory was $12.9B, about 135 days of cost of sales against 87 days a year earlier.
- Encouraging: operating cash flow turned positive in the fourth quarter (+$747M), and deferred revenue, which is cash received before delivery, rose to $2.61B (current plus non-current) from $0.73B.
- Cautionary: inventory write-downs were $188M in FY26 and $232M in FY25. Inventory valuation and revenue recognition are the auditor's two critical audit matters. A demand air-pocket after a heavy inventory build is a classic hardware risk.
- Stock compensation was $412M in FY26 (1.1% of revenue, about 18% of net income). We treat it as a real cost, so our valuation uses GAAP margins, not the company's non-GAAP figures.
VI.Balance Sheet Strength
| US$ millions, at 30 Jun | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
| Cash & equivalents | 440 | 1,670 | 5,170 | 7,521 |
| Bank lines & term loans | 290 | 476 | 112 | 4,056 |
| Convertible notes (carrying) | — | 1,698 | 4,645 | 4,664 |
| Net cash / (net debt) | 150 | (504) | 412 | (1,199) |
| Mandatory conv. preferred (liq. pref.) | — | — | — | 4,313 |
| Accounts receivable | 1,148 | 2,737 | 2,204 | 6,125 |
| Days sales outstanding | 59 | 67 | 37 | 57 |
| Inventories | 1,446 | 4,333 | 4,680 | 12,896 |
| Days inventory (on cost of sales) | 90 | 122 | 87 | 135 |
| Working capital | 1,805 | 6,586 | 9,957 | 20,566 |
| Current ratio | 2.3× | 3.8× | 5.2× | 3.9× |
| SMCI stockholders' equity | 1,972 | 5,417 | 6,302 | 14,479 |
Liquidity looks adequate. Current assets are 3.9 times current liabilities, and management states its sources of funds are sufficient for the next twelve months. Fiscal 2026 interest expense of $195M was covered about 14 times by operating income. The structure has changed sharply, though. Principal debt now totals roughly $8.8B: $4.06B of bank facilities (JPMorgan revolver $2.0B, CTBC facilities $1.76B, other loans) at rates of 1.3%–5.7%, and $4.73B of convertible notes. On top of that sits $4.31B of preferred stock. About $2.04B of bank borrowings are due within a year. The balance sheet is sound only as long as inventory keeps converting to cash.
VII.Capital Allocation & Dilution
| Date | Transaction | Size | Price / terms |
|---|---|---|---|
| Dec 2023 | Common stock offering (23.2M new shares) | $583M net | $26.20 |
| Feb 2024 | 0% convertible notes due 2029 (amended Feb 2025 to 3.50% coupon) | $1,725M | Conv. $83.44 |
| Mar 2024 | Common stock offering (20.0M shares) | $1,732M net | $87.50 |
| Feb 2025 | 2.25% convertible notes due Jul 2028 | $700M | Conv. $61.06 |
| Jun 2025 | 0% convertible notes due 2030, with capped calls | $2,300M | Conv. $55.20 |
| Jun 2025 | Share repurchase (4.89M shares, with the 2030 notes) | $200M | $40.89 |
| Jun 2026 | Common stock offering (52.3M shares incl. option) | $1,407M net | $27.50 |
| Jun 2026 | 7.00% Series A mandatory convertible preferred (SMCIP) | $4,313M liq. | Converts ~1 Jun 2029 |
| Jun 2026 | At-the-market equity program established | Up to $1,250M | No sales by 30 Jun 2026 |
- Persistent dilution. Shares outstanding rose from 523.1M at FY2022 year-end to 656.9M at FY2026 year-end (+25.6%). Diluted weighted shares rose from 536.2M to 697.3M.
- More to come. The preferred stock converts in 2029 into 130.7M–156.8M common shares (30.3040–36.3640 shares per $1,000 of preference, depending on the price then), which is 20–24% of today's count. It carries a 7% dividend, about $302M a year, payable in cash or stock; the first ($14.7778 per preferred share) was declared in cash, payable 1 Sep 2026. The three convertible notes would add about 73.8M shares if converted, though today's price is below all three conversion prices and capped calls partly offset the 2029 and 2030 notes.
- Timing of capital decisions. The company sold stock at $26.20 (Dec 2023) and $27.50 (Jun 2026) and bought back stock at $40.89 (Jun 2025). Issuing $5.7B of equity-like securities near the lows is the opposite of what value investors want to see, though the working-capital needs of fiscal 2027 growth largely explain it. There is no standing buyback program, and there is a $1.25B at-the-market program that allows new share sales from July 2026. We could not verify whether any shares have been sold under it since 30 June 2026.
VIII.Intrinsic Value Estimate (Illustrative)
Method. We use a five-year free-cash-flow-to-the-firm DCF covering fiscal years 2027–2031, plus a terminal value. For each year, free cash flow = revenue × operating margin × (1 − tax rate), minus the increase in operating working capital, minus net capital spending (capex less depreciation). Working capital is modelled as a target percentage of revenue, starting from the reported $15.08B at 30 June 2026 (current assets excluding cash of $20.20B, less current liabilities excluding bank debt of $5.12B). Cash flows use a mid-year discounting convention from the start of fiscal 2027. Equity value = enterprise value + $7.52B cash − $8.72B debt. Per-share value is on an as-converted basis: 656.97M common shares plus the preferred conversion shares at the resulting value, with convertible notes treated as converted only when value exceeds their conversion price.
| Assumption | Bear | Base | Bull |
|---|---|---|---|
| FY2027 revenue | $55.0B | $65.0B | $72.0B |
| vs. guidance of $65–72B | Miss | Low end | High end |
| Revenue growth FY28 / FY29 / FY30 / FY31 | −10% / 0% / 3% / 3% | 12% / 6% / 4% / 3% | 20% / 12% / 8% / 5% |
| Operating margin (GAAP, after stock comp) | 5.0% | 6.5% | 8.5% |
| Reference: FY25 5.7% · FY26 7.1% · FY24 8.1% · FY23 10.7% | |||
| Tax rate | 20% | 20% | 20% |
| Operating working capital, % of revenue | 30% | 25% | 22% |
| Net capex (capex − D&A), % of revenue | 0.3% | 0.3% | 0.3% |
| Discount rate (WACC) | 12% | 11% | 10% |
| Terminal growth | 2.0% | 2.5% | 3.0% |
Base case projection
| US$ millions | FY2027 | FY2028 | FY2029 | FY2030 | FY2031 |
|---|---|---|---|---|---|
| Revenue | 65,000 | 72,800 | 77,168 | 80,255 | 82,662 |
| After-tax operating profit | 3,380 | 3,786 | 4,013 | 4,173 | 4,298 |
| Increase in working capital | (1,166) | (1,950) | (1,092) | (772) | (602) |
| Net capex | (195) | (218) | (232) | (241) | (248) |
| Free cash flow | 2,019 | 1,617 | 2,689 | 3,161 | 3,449 |
Results
| US$ | Bear | Base | Bull |
|---|---|---|---|
| Enterprise value | $16.2B | $35.1B | $75.3B |
| Terminal value share of EV | 58% | 72% | 78% |
| Equity value | $15.0B | $33.9B | $78.8B |
| As-converted shares | 813.8M | 787.7M | 861.5M |
| Value per share | $18.46 | $43.04 | $91.51 |
| vs. price of $41.02 | −55% | +5% | +123% |
| Illustrative probability | 30% | 50% | 20% |
| Probability-weighted value | $45.36 per share (+11% vs. price) | ||
Sensitivity of base-case value per share
| Operating margin ↓ / WACC → | 10% | 11% | 12% |
|---|---|---|---|
| 5.5% | $39.2 | $34.1 | $29.5 |
| 6.5% | $49.3 | $43.0 | $38.1 |
| 7.5% | $59.3 | $52.0 | $46.1 |
Multiples cross-check. Applying assumed P/E multiples to each scenario's FY2027 earnings per as-converted share (787.7M shares) gives: bear $2.79 × 8 = $22; base $4.29 × 11 = $47; bull $6.22 × 14 = $87. The multiples are our assumptions. The base-case EPS of $4.29 is close to the $4.34 consensus, and the resulting range is broadly consistent with the DCF.
IX.Margin of Safety
Pathos illustrative value range. The green zone marks prices at least 30% below the base-case value.
Margin of safety is the discount between price and estimated value. At $41.02 the stock is about 5% below our base-case value of $43.04 and about 10% below the probability-weighted $45.36. For a business with thin margins, negative free cash flow, rising share count and an unresolved regulatory overhang, we would want at least 25–35%. On our base case a 30% margin of safety implies a price near $30. The stock has traded there recently: it closed at $29.33 on 30 June 2026 and hit an intraday low of $19.48 on 23 March 2026. Put differently, today's price already assumes roughly the low end of fiscal 2027 guidance and margins close to fiscal 2026's, with little cushion if either disappoints.
X.Key Risks for Value Investors
Accounting and governance history
The record is long, and the two most recent episodes are resolved only in part.
- Aug 2020: SEC charged SMCI with prematurely recognizing revenue and understating expenses over FY2015–FY2017. The company paid a $17.5M penalty without admitting or denying the findings, and the CEO reimbursed $2.1M in stock-sale profits.
- 27 Aug 2024: A short seller (Hindenburg Research; see Reuters coverage in Section XII) alleged accounting manipulation, self-dealing and sanctions evasion. The company called the report false or inaccurate.
- 28–30 Aug 2024: SMCI delayed its FY2024 10-K and filed a notice of late filing (Form 12b-25). Nasdaq sent a non-compliance notice on 17 Sep 2024.
- 24 Oct 2024: Ernst & Young resigned as auditor during its first audit. Its letter cited information that had "led us to no longer be able to rely on management's and the Audit Committee's representations." The company said it disagreed with the decision.
- 18 Nov 2024: BDO USA was appointed as auditor, and a compliance plan was submitted to Nasdaq.
- 2 Dec 2024: A Special Committee (with Cooley LLP and Secretariat Advisors) found no substantial concerns about the integrity of senior management or the Audit Committee. It recommended a new CFO and a Chief Accounting Officer, and the Board adopted all recommendations.
- 25 Feb 2025: The FY2024 10-K and two delayed 10-Qs were filed, and Nasdaq confirmed compliance. Annual results for FY2022–FY2023 were not restated; they match the originally filed figures.
- FY2026 10-K (Aug 2026): Three previously reported material weaknesses were remediated. One IT-general-controls material weakness remains, so internal control over financial reporting was not effective at 30 June 2026. BDO nonetheless issued an audit opinion on the financial statements. The 10-K also lists David Weigand as CFO, the role the Special Committee recommended refilling.
Export-control investigations
On 19 March 2026 federal prosecutors in the Southern District of New York unsealed an indictment of three individuals employed by or associated with the company, including former SVP and director Yih-Shyan (Wally) Liaw, for an alleged conspiracy to violate export controls. SMCI is not a defendant. An independent Board investigation (Munger, Tolles & Olson with AlixPartners) found no evidence that current senior management knew of the alleged diversion, and no basis to conclude prior financial statements are unreliable. SEC, grand-jury, DOJ and Commerce Department (BIS) inquiries remain open and could lead to penalties or remediation requirements.
Cash conversion and inventory
Five-year cumulative free cash flow is −$7.9B against $5.4B of net income. Inventory stood at $12.9B at year-end. If AI demand pauses, or a new GPU generation makes stock obsolete, write-downs and discounting could erase much of a year's earnings.
Margin pressure and competition
Gross margin has fallen from 18.0% (FY23) to 10.8% (FY26), which the company attributes partly to pricing to win share. Dell, HPE, Lenovo and low-cost ODMs such as Foxconn and Quanta compete for the same AI build-outs. Our base case depends on the Q4 FY26 margin improvement holding in part.
Customer concentration
One customer was 28.1% of FY26 sales. In FY25 four customers were each 11%–21%. At 30 June 2026, three customers made up 23.0%, 17.1% and 12.5% of receivables. Losing or delaying a single hyperscale or "neocloud" program could swing results.
Dependence on one supplier (NVIDIA, by inference)
One supplier provided 63.1% of FY26 purchases. Allocation, pricing or product-timing decisions by that supplier, as well as component shortages (the 10-K cites memory, storage, GPUs and CPUs), directly limit SMCI's revenue and margins.
Dilution and capital structure
About 131M–157M shares are due from the preferred in 2029, up to about 74M more if the notes convert, a $1.25B at-the-market program and about $412M a year of stock compensation. Per-share value can lag company-level growth.
Cyclicality and forecast risk
FY2027 guidance implies 66%–84% revenue growth, driven by AI data-center spending that may not stay linear. Our bear case (a $55B miss followed by a 10% decline) shows how quickly value falls when the cycle turns.
XI.Conclusion
The case for. SMCI is a genuine beneficiary of AI infrastructure spending. Revenue has grown more than sevenfold since FY2022, management guides to another $65–72B year, and the fourth quarter showed margins can improve with mix. At about 9.5× forward consensus earnings and 0.69× sales it is not priced like a typical AI winner. Its accounts are current and audited, the late-filing episode is resolved, and three of four material weaknesses have been fixed.
The case against. Earnings have not reached shareholders as cash. Free cash flow has been negative in three of the last five years, and cumulatively deeply negative. The share count keeps rising, and the company has repeatedly raised equity at low prices. Margins are thin and contested, a single customer and a single supplier dominate, and regulatory investigations remain open.
Pathos view (illustrative). On our assumptions the shares trade close to base-case value ($43) inside a very wide range ($18–$92). That is roughly fair value, not a bargain. We would revisit the stock if (a) free cash flow turns sustainably positive, (b) the price offers a 30%+ discount to a base case we still believe in, or (c) the regulatory inquiries close without material penalties. This is not a recommendation to buy, sell or hold.
XII.Sources & Notes
As-of dates. Share price, market capitalisation and all price-based multiples use the Nasdaq closing price of $41.02 on 29 September 2026. The 52-week range and analyst consensus are as retrieved on 30 September 2026. Fundamentals are from the FY2026 Form 10-K (period ended 30 June 2026, filed 31 August 2026) unless stated. Ratios, free cash flow, days metrics and all valuation outputs are Pathos calculations.
- Super Micro Computer, Inc., Form 10-K for fiscal year ended 30 June 2026 (filed 31 Aug 2026): financial statements, Notes 8, 9, 13, customer and supplier concentration, legal proceedings, Item 9A controls.
- "Supermicro Announces Fourth Quarter and Full Fiscal Year 2026 Financial Results", Exhibit 99.1 to Form 8-K (11 Aug 2026): Q4 figures, non-GAAP reconciliations, adjusted EBITDA, Q1 and FY2027 guidance.
- Form 10-K for fiscal year ended 30 June 2025 (filed 28 Aug 2025): FY2023–FY2025 figures and FY2024 balance sheet.
- Form 10-K for fiscal year ended 30 June 2024 (filed 25 Feb 2025): FY2022 split-adjusted figures.
- Forms 10-Q for Q1 FY26, Q2 FY26 and Q3 FY26: quarterly results.
- SEC EDGAR XBRL company facts for CIK 1375365: cross-check of annual and quarterly values and of FY2022–FY2023 balances.
- Form 8-K filings: 28 Aug 2024 (late 10-K), 20 Sep 2024 (Nasdaq notice), 30 Oct 2024 (EY resignation), 18 Nov 2024 (BDO appointment), 2 Dec 2024 (Special Committee findings), 26 Feb 2025 (Nasdaq compliance regained), 5 Aug 2026 (preferred dividend).
- U.S. SEC, "SEC Charges Super Micro and Former CFO in Connection with Widespread Accounting Violations", press release 2020-190 (25 Aug 2020).
- Yahoo Finance, SMCI price history and analyst estimates (retrieved 30 Sep 2026): 29 Sep 2026 close, 52-week range, FY2027 consensus EPS $4.34 (18 analysts), mean price target $42.38 (16 analysts), beta.
- Reuters, "Hindenburg takes aim at AI server maker Super Micro with short position" (27 Aug 2024): identifies the short seller behind the report described in the 10-K.
- MarketBeat, SMCI trading report, 29 Sep 2026: corroborates the $41.02 last trade.
- 24/7 Wall St., "The SMCI Number I'm Watching…" (18 Sep 2026): FY2027 consensus 30 days earlier ($3.35).
Not verified or not used: share sales under the at-the-market program after 30 June 2026 (none disclosed as of the 10-K cover date); the name of the 63.1% supplier (not disclosed); the identity of the 28.1% customer (not disclosed); outstanding options and RSUs beyond what the diluted share counts capture; FY2027 first-quarter results (the quarter ends 30 Sep 2026 and has not been reported). The valuation model's calculations are kept with the site files (model/smci_dcf.py) for audit.