Super Micro Computer, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Jun 2026, United States was 71% and Asia was 16% of revenue; Asia fell from 19% in the fiscal year to Jun 2024.

Quarters: Super Micro Computer, Inc.'s SEC filings, named by the month they end. Fiscal years: Super Micro Computer, Inc.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $5.7 ends up as net income. Net margin fell from 9.0% to 5.7% over the past 3 years.

Each margin is that line of the income statement divided by revenue. Fiscal year: Super Micro Computer, Inc.'s annual reports to the SEC; quarters: SEC filings.

Customers and suppliers

In its latest annual report Super Micro Computer buys from One supplier (unnamed), Ablecom, Compuware and 3 more; sells to Compuware, Leadtek, Jane Street; one customer it does not name accounts for 28.1% of its revenue.

Their suppliers

ASE Technology ASXto AMD

TSMC TSMto AMD, Intel +1

UMC UMCto AMD, Intel

ASML ASMLto Intel

Coherent COHRto NVIDIA

IREN IRENto NVIDIA

Micron Technology MUto NVIDIA

Show 7

Suppliers

Unnamed supplier 63%

AMD AMD

Intel INTC

NVIDIA NVDA

A

Ablecom

C

Compuware

 

SMCISuper Micro Computer

Customers

Unnamed customer 28%

IREN IREN

Penguin Solutions PENG

WhiteFiber WYFI

C

Compuware

Jane Street

Leadtek

Their customers

Microsoft MSFTfrom IREN

NVIDIA NVDAfrom IREN

Boosteroidfrom WhiteFiber

Show 3

Super Micro Computer's 10-Q for the quarter to Sep 2026 gives one customer's share of its revenue: Customer One (44%).

From Super Micro Computer, Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. Rings are fiscal years: a 10-K gives the year, not its fourth quarter.

Partners

AAblecomJointly owns manufacturing campus management company50% ownership interest; $0.2 million contribution each, fiscal year 2012

MManagement CompanyManages shared manufacturing campus common areas50% ownership interest; $0.2 million contribution, fiscal year 2012

CCompuwareProduct design and development

NVIDIA NVDADevelops compatible products and enhances system performanceIntel INTCDevelops compatible products and enhances system performanceAMD AMDDevelops compatible products and enhances system performance

Changes since the previous annual report (10-K filed Aug 28, 2025)

Jane StreetNamed for the first time, as a customer

AAmperaNo longer named (was a partner)

Largest unnamed customerCustomer, share of revenue20.9% → 28.1%

Largest unnamed supplierSupplier, share of purchases64.4% → 63.1%

LeadtekNo longer a supplier and a partner, still a customer

Named in other companies’ filings

WhiteFiber WYFIcalls it a partner · Early computing platform access for evaluation

Only the companies Super Micro Computer names in its 10-K filed Aug 31, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names Super Micro Computer. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

P/E of 5.8x, below the peer median of 21.5x, with earnings still growing.

Priced 73% below the peer median of 21.5x.

At 5.8× trailing earnings SMCI is at its lowest in five years; the five-year median is 20.4×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $43.60, 62% above the current price; 22% of 18 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 4 analysts (22%). Sell or Strong Sell: 3.

Since May 6, 2026 the average of the analysts' latest price targets went from $35.40 to $40.11 (+13%), while SMCI went from $34.66 to $26.99 (−22%). In the past three months targets were raised 5 times and never cut. 1 upgrade and no downgrades over the year; the latest: CJS Securities moved it to Market Perform from Market Underperform on May 6, 2026.

The day after each of these reports the stock moved +13.6% (Dec 2025, beat); +24.1% (Mar 2026, beat); +19.5% (Jun 2026, beat); −2.8% (Sep 2026, beat).

For the quarter ending Dec 2026 (Super Micro Computer reports on Feb 2, 2027), analysts expect adjusted earnings of $1.78 a share, 158% more than the $0.69 of a year earlier, and revenue of $20.5B, up 61% on a year earlier. For the fiscal year ending Jun 2027, they expect adjusted earnings of $6.52 a share, and revenue of $77.6B, up 99% on the year before.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Capex of $170M exceeds operating cash flow of −$6.3B, leaving free cash flow of −$6.5B. The gap has to be covered with cash on hand or borrowing.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter.

Financial health

Current ratio 3.9, no pressure to repay short-term debt; debt-to-equity 0.6, debt is moderate.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 6 funds whose copy leaves SMCI out (on the exchange, not in the app yet): Swiss National Bank, Canada Pension Plan Investment Board, Norges Bank, Mirae Asset Global Investments, Bridgewater Associates, Fisher Asset Management.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 10 held SMCI at the end of their latest quarter (for most, Q3 2026). Over that quarter 3 added shares, 6 cut and 1 bought new. The largest of them is Renaissance Technologies, 6.02M shares worth $247M at Sep 30, 2026, 11.3% fewer than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of SMCI at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors bought $50K and sold $27.9M of SMCI on the open market in the 12 months to Nov 12, 2026. 88% of the sales were made under 10b5-1 plans, set up in advance. The largest was Liang Chiu-Chu Sara Liu (Director), who sold $12.2M in 4 sales.

From the Form 4s filed with the SEC about Super Micro Computer, Inc. (88 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 147 other transactions (option exercises, shares withheld for tax and gifts).