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SUPER MICRO COMPUTER, INC.

LISTEDNASDAQ

SYMBOLSMCI

INDICATED DIV.Nil

RECENT PRICE (9/30/26)41.07

PRICE RANGE (52-WK)58.78–19.48

YIELDNil

SPECULATIVE. A FAST-GROWING BUILDER OF AI SERVER RACKS WITH THIN MARGINS, NEGATIVE CUMULATIVE FREE CASH FLOW AND A BLEMISHED GOVERNANCE RECORD.

EPS shown under the calendar year in which the fiscal year ends (June 30). SEC XBRL, split-adjusted. Prices: Yahoo Finance, retrieved 4 Oct 2026.

CAPITALIZATION: (6/30/26)

	($ mill.)	(%)
Long-Term Debt	6,681	31.6
Preferred Stock	4,226	20.0
Common Equity	10,253	48.5
Total	$21,160	100.0

Shs. ($0.001 par) – 657 mill.

LTD = credit lines and term loans $2,016M + convertible notes $4,664M (non-current). Pfd. = 4.3M sh. Series A mand. conv.

INTERIM EARNINGS: (per sh.)

Qu.	9/30	12/31	3/31	6/30
FY23	0.34	0.31	0.15	0.34
FY24	0.27	0.51	0.66	0.47
FY25	0.67	0.51	0.17	0.31
FY26	0.26	0.60	0.72	1.67

Diluted, split-adjusted; Q4 derived. Fiscal year ends June 30.

DIVIDENDS:

Nil. No cash dividends have been paid on the common stock.

Source: Yahoo Finance dividend history (none recorded).

BACKGROUND:

Supermicro, incorporated in 1993 and led since then by co-founder Charles Liang, 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. Revenue has grown more than sevenfold since fiscal 2022. Margins are thin, and a single customer and a single supplier dominate. The governance record includes 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.

RECENT DEVELOPMENTS:

In fiscal 2026 (the year to 6/30/26) revenue rose 77.8% to $39.06 billion, net income was $2.23 billion and diluted EPS $3.26; the fourth quarter showed that margins can improve with mix. In June 2026 the company sold $4.31 billion of mandatory convertible preferred stock. Over the last five fiscal years cumulative net income was $5.36 billion and cumulative free cash flow −$7.91 billion, the gap filled with bank debt, convertible notes and new stock. Management guides fiscal 2027 revenue to $65–72 billion.

PROSPECTS:

At $41.07 the shares sell at about 9.5× consensus fiscal 2027 earnings and 0.69× sales. The question is whether earnings turn into cash: free cash flow has been negative in three of the last five years, the share count keeps rising, and the 2029 preferred conversion could dilute per-share figures. In our view the arithmetic is attractive (about 15% a year in our base case) but rests on earnings the business has not yet converted into cash, and regulatory inquiries remain open.

STATISTICS:

FISCAL YEAR	GROSS REVS. ($MILL.)	PROFIT MARGIN %	NET INCOME ($MILL.)	CAPITAL SPENDING ($MILL.)	ASSETS ($MILL.)	SHARES (MILL.)	BOOK VALUE PER SH.$	EARN. PER SH.$	DIV. PER SH.$	DIV. PAY. %	PRICE RANGE	P/E RATIO	AVG. YIELD %
17	2,485	2.7	67	29	1,515	n/a	n/a	0.13	Nil	Nil	3.17–1.86	19.5	Nil
18	3,360	1.4	46	25	1,770	n/a	n/a	0.09	Nil	Nil	2.79–1.61	24.7	Nil
19	3,500	2.1	72	25	1,683	500	1.88	0.14	Nil	Nil	2.49–0.85	12.0	Nil
20	3,339	2.5	84	44	1,919	524	2.03	0.16	Nil	Nil	3.33–1.58	15.3	Nil
21	3,557	3.1	112	58	2,242	506	2.17	0.21	Nil	Nil	4.07–2.19	15.0	Nil
22	5,196	5.5	285	45	3,205	523	2.73	0.53	Nil	Nil	5.83–3.29	8.6	Nil
23	7,123	9.0	640	37	3,675	529	3.73	1.14	Nil	Nil	27.02–3.70	13.5	Nil
24	14,989	7.7	1,153	124	9,826	588	9.21	1.92	Nil	Nil	122.90–22.66	37.9	Nil
25	21,972	4.8	1,049	127	14,018	594	10.61	1.68	Nil	Nil	96.33–17.25	33.8	Nil
26	39,063	5.7	2,230	162	29,945	657	22.04	3.26	Nil	Nil	62.36–19.48	12.6	Nil

Fiscal years end June 30. Per-share data and shares adjusted for the 10-for-1 split (Oct. 2024). Year-end shares not tagged in SEC XBRL before FY19 (n/a). Profit margin = net income ÷ revenues; book value = stockholders' equity ÷ year-end shares (FY26 incl. $4.2B preferred); EPS diluted. Price range = intraday high–low within the fiscal year; P/E = mid-range price ÷ EPS.

INCORPORATED:

California, Sept. 1993; reincorporated in Delaware, March 2007

PRINCIPAL OFFICE:

980 Rock Avenue, San Jose, CA 95131
Tel.: (408) 503-8000

ANNUAL MEETING:

2026 meeting held Wednesday, April 15

NUMBER OF STOCKHOLDERS:

24 holders of record at 7/31/26

TRANSFER AGENT:

Computershare

REGISTRAR:

Not disclosed in the 10-K or proxy statement

SUPERINVESTOR HOLDINGS (DATAROMA):

None of the tracked superinvestors held shares (13F at 6/30/26)

OFFICERS:

Pres., Chief Exec. Off. & ChairmanCharles Liang

Sr. V.P. & Chief Fin. Off.David Weigand

Sr. Corp. V.P., EngineeringTom Xiao

Chief Bus. Off.Vikranth Malyala

Chief Revenue Off.Matthew Thauberger

Co-Founder, Sr. V.P. & DirectorSara Liu

Sources: SEC XBRL company facts (annual and quarterly figures) · 10-K FY2026 (capitalization, holders, officers) · 2026 proxy (annual meeting, transfer agent) · Yahoo Finance (prices, consensus, retrieved 4 Oct 2026) · Dataroma (superinvestors) · Pathos note (cash flow, governance and valuation detail). Ratios, book value, split adjustments and derived Q4 figures are Pathos calculations. The rating line and Prospects are Pathos opinion.