SMCI
Super Micro Computer, Inc.

Super Micro Computer, Inc.SMCI

Technology · Computer Hardware
41.54USD
+0.83%
Sep 23, 2026
SMCI overview ready
Rack-Scale AI Infrastructure Integrator Delivering Modular GPU Server Solutions
Rack-scale AI infrastructure integrator and manufacturer.
Strong narrative exposure
Exposed to the AI Compute Infrastructure Buildout narrative through AI Server and Rack-Scale Systems Integration — infrastructure supplier.
An early price trend
Longer-term context reads early trend, with a near-term setup of daily advance.
Fair valuation
The price broadly reflects how much growth and cash flow it delivers per turn of revenue multiple, with upside and risk reasonably….
Mixed fundamentals
Ev / sales is strong, while free cash flow yield is weak.
Primary risk
High net debt levels may constrain financial flexibility.
Market Sep 22Filing Jun 30Price action Sep 22Research Sep 5

Conviction Level

NarrativeHeat9.5ThemeHeat8.8PriceAction9.1Valuation3.5CompanyPosition7.3
Price
Loading price history…

Price Action

An early price trend
Longer-term context reads early trend, with a near-term setup of daily advance.
EntryBreakout + retest

Price broke through the weekly SMA200, then retested it constructively and recovered — a fresh structural entry rather than a chase.

Key Financials

Market Cap
$27.3B
Avg Volume (60D)
47.2M
60 sessions
Revenue Growth YoY
+77.8%
FY2026 vs FY2025
Gross Margin
+10.8%
Trailing twelve months
Operating Margin
+7.1%
Trailing twelve months
Free Cash Flow Yield
-25.5%
Distance from 200DMA
+31.1%
Next Earnings
2026-11-03
P/E
12.2x
EV / Sales
0.5x
Market metrics as of Sep 22, 2026
Financial results for the period ended Jun 30, 2026
Filed balance-sheet data as of Mar 31, 2024

Fundamentals & Valuation

Two of the three valuation perspectives say cheap; intrinsic is the dissenting view. The published stance is held at fair because no positive free cash flow behind the low multiple.
Super Micro Computer, Inc. has a Fair valuation stance because the price broadly reflects how much growth and cash flow it delivers per turn of revenue multiple, with upside and risk reasonably balanced.

What changed

  • Super Micro Computer (SMCI) Is Up 12.1% After Record AI Backlog Sparks Major Capacity Expansion
    Dated 2026-09-21.
    2026-09-21 · source
  • SMCI rose 9.5% in one session
    SMCI closed +9.5% while the broad market was close to flat (+1.1%).
    2026-09-17
  • Hewlett Packard Enterprise and Dell Surge 11% as Oracle’s Capex Guidance Lifts AI Server Demand; Super Micro Climbs 7%
    Dated 2026-09-11. SMCI closed +7.3% while the broad market was close to flat (+0.8%).
    2026-09-11 · source
  • Hewlett Packard Enterprise Falls 5% as Supply Constraints Overshadow Raised Guidance, Super Micro Slips, Dell Holds Steady
    Dated 2026-09-03.
    2026-09-03 · source

Company Research

Thesis
Rack-scale AI infrastructure integrator and manufacturer. SMCI is a direct, high-operating-leverage beneficiary of AI-compute deployment because it sells the integrated servers, racks, storage, liquid-cooling elements, and deployment services required to put accelerator clusters into production.
Opportunity
Moderate opportunity
Accelerator-driven data-center spending on integrated GPU server, storage, rack, deployment, and support systems that convert chips and networking into operational AI clusters.
Key risk
High net debt levels may constrain financial flexibility.

Narrative & Theme

Rack-scale AI infrastructure integrator and manufacturer
AI Compute Infrastructure Buildout
Part of AI Server and Rack-Scale Systems Integration, with strong fit.
SMCI is a direct, high-operating-leverage beneficiary of AI-compute deployment because it sells the integrated servers, racks, storage, liquid-cooling elements, and deployment services required to put accelerator clusters into production.
Narrative HeatHot9.5 / 10
Theme HeatHot8.8 / 10
This is the company’s own research reading. The canonical heat measurement for this story has not run.

Business & Markets

Technology · Computer Hardware
What they do

Super Micro Computer, Inc. designs, develops, and sells server and storage solutions using modular and open-standard architectures across global markets.

How it earns

The company generates revenue primarily through transactional sales of hardware products and systems.

Products & services
Liquid and air-cooled AI servers with integrated GPUs or PCIe architectures
Blade and multi-node systems (SuperBlade, MicroBlade, FlexTwin, GrandTwin, BigTwin)
SuperStorage systems
Rackmount systems (Hyper, CloudDC, WIO)
Embedded systems for 5G, IoT, and edge computing
MicroCloud server systems
Customers & end markets
Enterprises requiring server and storage infrastructure
Cloud service providers
AI and high-performance computing users
Telecommunications and edge computing markets
Market position

Niche player specializing in modular, open-standard server and storage hardware solutions.

Demand drivers
Medium cyclicality

Demand for server hardware is influenced by enterprise IT spending cycles and technology adoption trends.