{"schemaVersion":1,"research":true,"symbol":"smci","name":"Super Micro Computer","topic":"moat","path":"/stock/smci/moat","status":"published","version":4,"updatedAt":"2026-10-18T14:08:57.306Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"none","summary":"Supermicro demonstrates substantial AI infrastructure demand, delivery capability and useful modular engineering, but no durable economic moat is established. Realized competitive pricing, historical selling-price pressure, customers' use of multiple suppliers and increasing competition from low-cost manufacturers indicate weak protection from competition. Recent selling-price increases reflect richer product mix rather than demonstrated like-for-like pricing power. Integrated infrastructure and services could deepen customer relationships, but durable switching costs remain unproven.","advantages":[{"mechanism":"cost_advantage","claim":"Building-block designs provide a current inventory-reuse benefit according to management, but a sustained cost advantage over competitors is not demonstrated.","durability":"The modular approach appears across multiple filing periods, but persistence of the design method does not establish durable relative cost leadership.","risks":"Low-cost manufacturers have increased competition. Actual inventory write-downs, component constraints and reduced supplier rebates weaken the claimed inventory and procurement benefits.","invalidation":"The operating-benefit thesis would weaken if inventory write-downs persistently outgrow shipments or modular inventory fails to reduce working-capital needs. A moat would require demonstrated relative cost leadership through product transitions without recurring price concessions.","competitors":["Cisco","Dell","Hewlett-Packard Enterprise","Lenovo","Foxconn","Quanta Computer","Wiwynn Corporation"],"evidenceIds":["e1","e2"],"counterEvidenceIds":["e3","e4","e5","e6","e7","e8"]},{"mechanism":"intangible_assets","claim":"Owned engineering IP and integrated infrastructure offerings support product differentiation and successful deliveries, but the passages do not demonstrate exclusionary IP, enduring premiums or barriers to replication.","durability":"Engineering capability supports current execution; its economic value requires continual renewal as platforms and customer requirements change. Greater customer dependency from integrated services remains potential.","risks":"Rivals offer competing systems, customers frequently design for multiple suppliers, and management has used competitive pricing to gain share. Supply constraints can impair delivery regardless of engineering capability.","invalidation":"The differentiation thesis would weaken if new platforms lose design wins, deliveries repeatedly slip or comparable configurations require further price concessions. Sustained repeat wins with demonstrated switching friction and premiums across platform generations would challenge the no-moat conclusion.","competitors":["Cisco","Dell","Hewlett-Packard Enterprise","Lenovo","Foxconn","Quanta Computer","Wiwynn Corporation"],"evidenceIds":["e9","e10","e11","e12"],"counterEvidenceIds":["e3","e4","e6","e8","e13","e14"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business: building-block inventory reuse","excerpt":"Due to our building-block designs, our inventory can generally be used with multiple products, lowering working capital requirements and reducing the risk of inventory write-downs."},{"id":"e2","sourceId":"filing-5","location":"Business: historical modular inventory benefits","excerpt":"Due to our building-block designs, our inventory can generally be used with multiple different products, lowering working capital requirements and reducing the risk of inventory write-downs."},{"id":"e3","sourceId":"filing-1","location":"Competition: increased competition from low-cost ODMs","excerpt":"In recent years, we have experienced increased competition from original design manufacturers (“ODMs”) that benefit from their scale and very low-cost manufacturing and are increasingly offering their own branded products."},{"id":"e4","sourceId":"filing-1","location":"Risk factors: historical average selling-price declines","excerpt":"Historically, these pricing pressures have led to a continued decline of average selling prices across our business and we expect that these historical trends will continue."},{"id":"e5","sourceId":"filing-2","location":"MD&A: realized tariff, inventory write-down and vendor-rebate changes","excerpt":"The remaining increases in cost of sales were driven by a $273.6 million or 891.0% increase in tariff expenses driven by new trade policies, a $79.9 million or 50.0% increase in inventory write-down adjustments resulting from excess and obsolete inventory with either insufficient demand or reduced net realizable value, and a $276.3 million or 29.2% increase due to a decrease in vendor rebates."},{"id":"e6","sourceId":"filing-1","location":"Fiscal 2026 financial highlights: competitive pricing and gross margin","excerpt":"•Gross margin decreased to 10.8% in fiscal year 2026, from 11.1% in fiscal year 2025, primarily due to our strategy to offer competitive pricing to gain market share, change in product and customer mix, and higher manufacturing related expenses."},{"id":"e7","sourceId":"filing-1","location":"MD&A: fiscal 2026 tariffs, reduced rebates and lower inventory write-downs","excerpt":"The remaining increases in cost of sales were driven by a $237.7 million or 228.3% increase in tariff expenses driven by new trade policies enacted during the year and a $312.9 million or 24.9% increase due to a decrease in vendor rebates, partially offset by a $43.8 million or 18.8% decrease in inventory write-down adjustments resulting from increased sales related to some of our aged inventory products during the year."},{"id":"e8","sourceId":"filing-1","location":"Business: realized component constraints and delivery timing","excerpt":"During fiscal year 2026, the computer server industry experienced supply constraints for certain components, including memory and storage, as well as GPU and CPU availability, which affected the timing of certain of our product deliveries, as well as the pricing of these items."},{"id":"e9","sourceId":"filing-1","location":"Related-party manufacturing agreements: ownership of design and tooling IP","excerpt":"We retain full ownership of any intellectual property resulting from the design of these products and tooling."},{"id":"e10","sourceId":"filing-1","location":"Business: integrated Data Center Building Block Solutions offering","excerpt":"During fiscal year 2026, we advanced our transformation into a total data center infrastructure provider through our Data Center Building Block Solutions® (“DCBBS”), an integrated offering that delivers complete, modular AI infrastructure from validated components and sub-systems, ranging from individual graphics processing units (“GPUs”) and networking switches to complete racks, site infrastructure, management software, and professional services."},{"id":"e11","sourceId":"filing-1","location":"Fiscal 2026 financial highlights: sales, profits and fulfilled design wins","excerpt":"Financial Highlights The following is a summary of our financial highlights for fiscal years 2026 and 2025 (in thousands, except per share amounts): Years Ended June 30, 2026 2025 Net sales $ 39,063,072 $ 21,972,042 Gross profit $ 4,227,251 $ 2,429,922 Total operating expenses $ 1,456,765 $ 1,176,928 Income from operations $ 2,770,486 $ 1,252,994 Net income $ 2,230,453 $ 1,048,854 Net income per common share - diluted $ 3.26 $ 1.68 •Net sales increased by 77.8% in fiscal year 2026, as compared to fiscal year 2025, primarily driven by fulfillment and shipment of orders to support our customers' data center deployment, including large design wins from a few customers."},{"id":"e12","sourceId":"filing-5","location":"Business: fiscal 2023 product introductions","excerpt":"In fiscal year 2023, we announced more than 50 products supporting Intel’s new Sapphire Rapids data center CPU."},{"id":"e13","sourceId":"filing-1","location":"Risk factors: customers design products for multiple suppliers","excerpt":"In many cases, they design their products to use components from multiple suppliers."},{"id":"e14","sourceId":"filing-1","location":"Risk factors: technological change and continuing price pressure","excerpt":"The markets for our products are characterized by rapid technological change, frequent new product introductions and enhancements, substantial capital investment, changes in customer requirements, continued price pressures and a constantly evolving industry."},{"id":"e15","sourceId":"filing-1","location":"Competition: named global technology vendors","excerpt":"•global technology vendors, such as Cisco, Dell, Hewlett-Packard Enterprise, and Lenovo; and"},{"id":"e16","sourceId":"filing-4","location":"Competition: named ODM competitors","excerpt":"•ODMs, such as Foxconn, Quanta Computer, and Wiwynn Corporation."},{"id":"e17","sourceId":"filing-2","location":"MD&A: average selling-price increase attributed to product mix","excerpt":"An increase in our average selling price compared to the quarter ended March 31, 2025 also contributed modestly by product mix."},{"id":"e18","sourceId":"filing-1","location":"MD&A: fiscal 2024–2026 gross margins and shipment-related costs","excerpt":"Cost of Sales, Gross Profit, and Gross Margin Cost of sales and gross margin for fiscal years 2026, 2025, and 2024 were as follows (dollars in millions): Years Ended June 30, 2026 over 2025 Change 2025 over 2024 Change 2026 2025 2024 $ % $ % Cost of sales $ 34,835.8 $ 19,542.1 $ 12,927.8 $ 15,293.7 78.3 % $ 6,614.3 51.2 % Percentage of total net sales 89.2 % 88.9 % 86.2 % Gross profit $ 4,227.3 $ 2,429.9 $ 2,061.4 $ 1,797.4 74.0 % $ 368.5 17.9 % Gross margin 10.8 % 11.1 % 13.8 % (0.3) % (2.7) % Fiscal Year 2026 Compared with Fiscal Year 2025 The $15,293.7 million or 78.3% year-over-year increase in cost of sales was primarily driven by an increase of $14,699.8 million or 73.3% in certain products including GPU servers, HPC systems, and rack-scale solutions, consistent with the higher shipment volume during fiscal year 2026, as compared to fiscal year 2025."},{"id":"e19","sourceId":"filing-1","location":"Revenue note: remaining performance obligations at June 30, 2026","excerpt":"The value of the transaction price allocated to the remaining performance obligations as of June 30, 2026, was approximately $2,612.0 million."},{"id":"e20","sourceId":"filing-2","location":"Revenue note: non-refundable advances under non-cancelable product contracts","excerpt":"Additionally, at times, deferred revenue may fluctuate due to the timing of non-refundable advance consideration received from non-cancelable contracts relating to the sale of future products."},{"id":"e21","sourceId":"filing-5","location":"Risk factors: channel price-reduction and inventory price-protection obligations","excerpt":"In some instances, our agreements with our indirect sales channel partners limit our ability to reduce prices unless we make such price reductions available to them, or price protect their inventory."},{"id":"e22","sourceId":"filing-2","location":"Liquidity: actual capital expenditures and equity investments","excerpt":"Investing Activities Net cash used in investing activities during the nine months ended March 31, 2026 mostly consisted of $133.8 million of purchases of property, plant, and equipment as we continued to invest in real estate, servers, data centers, and network infrastructure, as well as investments made in equity securities of $42.0 million."},{"id":"e23","sourceId":"filing-2","location":"Liquidity: net credit and term-loan proceeds during nine months ended March 31, 2026","excerpt":"SMCI | Q3 2026 Form 10-Q | 51 Table of Contents Financing Activities Net cash provided by financing activities during the nine months ended March 31, 2026 mostly consisted of net proceeds from lines of credit and term loans of $4,010.2 million, partially offset by payment for withholding taxes related to settlement of equity awards of $102.4 million."},{"id":"e24","sourceId":"filing-2","location":"Liquidity: non-cancelable purchase commitments at March 31, 2026","excerpt":"As noted in Note 14, “Commitments and Contingencies”, in the notes to the condensed consolidated financial statements, we have current obligations related to non-cancelable purchase commitments of $10.1 billion."},{"id":"e25","sourceId":"filing-2","location":"Stock compensation: existing CEO award vesting conditions","excerpt":"Vesting occurs in five tranches upon achievement of specified stock price targets ($45.00 to $110.00 per share) and revenue-based operational milestones, subject to continued service."},{"id":"e26","sourceId":"filing-3","location":"Executive compensation: adopted CEO stock-retention policy","excerpt":"Generally, under the policy, the CEO must retain at least 50% of all “net” shares received (“net” shares means those shares remaining after the sale or withholding of shares in payment of the exercise price, if applicable, and withholding taxes) for at least 36 months following the date on which an equity award is vested, settled or exercised, as applicable."},{"id":"e27","sourceId":"filing-4","location":"Executive compensation: actual vesting of four CEO award tranches","excerpt":"With respect to the 2023 CEO Performance Award, the first four tranches consisting of options for 4,000,000 shares under the 2023 CEO Performance Award have vested as of June 30, 2025."},{"id":"e28","sourceId":"filing-1","location":"Investigation disclosure: personnel actions for company-policy violations","excerpt":"In connection with the internal investigation, the Company took personnel actions, including terminations, with respect to its sales, technical support and business development functions staff for violations of various company policies."},{"id":"e29","sourceId":"filing-1","location":"Investigation disclosure: adopted export-compliance recommendations being implemented","excerpt":"With the assistance of the Independent Advisors, the independent directors made recommendations to further enhance the Company’s export compliance program, which the Board has adopted in full and is in the process of implementing."},{"id":"e30","sourceId":"filing-1","location":"Investigation disclosure: ongoing government investigations and inquiries","excerpt":"Notwithstanding the conclusion of this internal investigation, the government investigations and inquiries described above and below remain ongoing, are not bound by the conclusions of the internal investigation, and could result in enforcement actions, penalties, fines or other adverse consequences to the Company."},{"id":"e31","sourceId":"filing-1","location":"Corporate governance: six of eight current directors determined independent","excerpt":"Based on these standards, our Board has determined that six of its current eight members, Judy Lin, Robert Blair, Scott Angel, Sherman Tuan, Susan Mogensen (Susie Giordano), and Tally Liu, are “independent directors” under the applicable rules and regulations of the SEC and the listing requirements and rules of the Nasdaq Stock Market."},{"id":"e32","sourceId":"filing-1","location":"Cover page: common shares outstanding at July 31, 2026","excerpt":"As of July 31, 2026, there were 656,965,384 shares of the registrant’s common stock, $0.001 par value, outstanding, which is the only class of common stock of the registrant issued."},{"id":"e33","sourceId":"filing-4","location":"Cover page: common shares outstanding at July 31, 2025","excerpt":"As of July 31, 2025, there were 594,273,308 shares of the registrant’s common stock, $0.001 par value, outstanding, which is the only class of common stock of the registrant issued."},{"id":"e34","sourceId":"filing-1","location":"Revenue accounting: pricing practices and competitive influences on standalone selling prices","excerpt":"SSP for our products and services can evolve over time due to changes in our pricing practices, internally approved pricing guidelines with respect to geographies, customer type, internal costs, and gross margin objectives for the related performance obligations which can also be influenced by intense competition, changes in demand for our products and services, economic and other factors."}],"changes":["Retain the previous none verdict: current operating capabilities do not establish durable protection from competition.","Add explicit named competitor coverage, contractual pricing constraints, actual compensation alignment and governance evidence.","Balance competitive weakness against substantial realized shipment and profit growth and the fiscal 2026 reduction in inventory write-down adjustments."],"limitations":["Assessment uses only supplied passages. All source dates have dateKind filed; filing dates are not treated as separate publication or retrieval dates.","Named competitors are disclosed in e15 and e16. Comparative costs, customer retention, platform performance and market-share outcomes for those companies are not supplied.","Inventory-reuse benefits, integration benefits and competitive positioning are issuer assertions. Contractual IP ownership and reported operating achievements provide stronger evidence of capability, but do not establish durable exclusivity.","Retention is assessed indirectly from fulfilled demand, service/product commitments and customer sourcing practices; customer-level repeat-purchase and renewal rates are absent.","No like-for-like pricing series or current comprehensive customer pricing contracts are supplied. The explicit channel price-protection restriction comes from the filing dated August 28, 2023, and its continued applicability is unconfirmed.","Detailed beneficial ownership and comprehensive compensation economics are absent. Existing awards, actual vesting and an adopted retention policy support a bounded alignment assessment; proposed plan provisions are not treated as adopted awards.","Capital discipline can be assessed from spending, financing, commitments, dilution and outcomes, but the supplied passages do not provide a complete operating cash-flow history or investment-return attribution.","The product-sales passage q98 in filing-1 repeats figures also present in the earlier filing-4 passage q839; it is not used to establish a fiscal 2026 pricing outcome."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":1,"rationale":"Modular inventory reuse and owned design IP support useful capabilities, but no protected relative cost or differentiation advantage is demonstrated. Increased low-cost competition and deliberate competitive pricing make the position fragile.","evidenceIds":["e1","e3","e6","e9"]},{"criterion":"durability","grade":1,"rationale":"The modular method persists across filing periods, but historical price declines and repeated technological renewal constrain its durability as an economic advantage.","evidenceIds":["e1","e2","e4","e14"]},{"criterion":"customer_dependency","grade":1,"rationale":"Integrated infrastructure and contracted obligations create some ongoing relationships, but customers' disclosed use of multiple suppliers provides evidence against strong dependency. Backlog does not establish lock-in.","evidenceIds":["e10","e13","e19","e20"]},{"criterion":"erosion_resilience","grade":1,"rationale":"Strong shipment growth and lower full-year inventory write-downs provide offsets, but actual pricing concessions, component constraints and increasing low-cost competition show fragile protection from erosion.","evidenceIds":["e3","e6","e7","e8","e11"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":1,"rationale":"Recent average selling-price gains are attributed to product mix. Historical selling-price declines and actual competitive pricing to gain share demonstrate weak pricing power without requiring an inference from margins alone.","evidenceIds":["e4","e6","e17"]},{"criterion":"retention","grade":2,"rationale":"Fulfilled design wins, $2.612 billion of remaining performance obligations and non-cancelable advance-funded contracts support continuing demand indirectly. They do not establish repeat-customer retention, and multiple sourcing limits evidence of switching friction.","evidenceIds":["e11","e13","e19","e20"]},{"criterion":"margin_resilience","grade":1,"rationale":"Gross margin declined from 13.8% in fiscal 2024 to 11.1% in 2025 and 10.8% in 2026, with competitive pricing among the disclosed causes. Profit growth and reduced full-year inventory write-downs are meaningful offsets, but do not demonstrate resilient unit economics.","evidenceIds":["e6","e7","e11","e18"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Pricing practices can change, and some product contracts carry non-refundable advances, but disclosed channel agreements constrain price reductions through matching or inventory protection. This supports limited contractual freedom; the explicit restriction is historical and current coverage is unknown.","evidenceIds":["e20","e21","e34"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Substantial sales and profit growth demonstrate operating returns alongside actual infrastructure spending. However, $4.010 billion of net credit and term-loan proceeds, $10.1 billion of non-cancelable purchase commitments at March 2026, inventory write-downs and increased shares outstanding make discipline mixed. Share counts rose from approximately 594.3 million in July 2025 to 657.0 million in July 2026; attribution and complete cash generation are unavailable.","evidenceIds":["e5","e11","e22","e23","e24","e32","e33"]},{"criterion":"incentive_alignment","grade":2,"rationale":"An existing CEO award links vesting to stock-price and revenue milestones with continued service; four tranches had actually vested by June 2025. The adopted 36-month retention policy strengthens alignment. Revenue and share-price targets do not themselves demonstrate capital-return discipline, and ownership and full compensation economics are missing.","evidenceIds":["e25","e26","e27"]},{"criterion":"execution","grade":3,"rationale":"Reported fiscal 2026 sales growth of 77.8%, fulfilled design wins and operating income growth from $1.253 billion to $2.770 billion provide strong demonstrated delivery evidence. Execution is assessed indirectly from these operating outcomes, not measured customer satisfaction. Component-related delivery constraints and pricing concessions limit confidence in repeatability.","evidenceIds":["e6","e8","e11"]},{"criterion":"governance","grade":1,"rationale":"Personnel terminations for policy violations provide actual adverse evidence. A majority-independent board and adopted compliance recommendations are offsets, but implementation remains underway and government investigations remain ongoing. No enforcement finding or successful remediation is assumed.","evidenceIds":["e28","e29","e30","e31"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"618eccd91196c1ead72074e8d78cdcb88925a77f5cffa57b5c8f6fa93d8dbe26","updatedAt":"2026-10-18T14:08:57.306Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1375365/000137536526000022/smci-20260630.htm","publishedAt":"2026-08-31","sha256":"4eada0f1642425939a79fdc6c54612563866d8d87599b546fccf9ff954669c5c","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1375365/000137536526000014/smci-20260331.htm","publishedAt":"2026-05-11","sha256":"aee218f6ae948296871939276dc1368d91cbf250f5280ee8320418c638518bba","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1375365/000137536526000008/smci-20260303.htm","publishedAt":"2026-03-03","sha256":"3e6ac115ddd39db6f8b378fe87ca5992f22b95cea482220eec13a5775351a263","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1375365/000137536525000027/smci-20250630.htm","publishedAt":"2025-08-28","sha256":"e27c6aface34f8b08b0746c0e37eddd36d27f2d8917f7cc8563039994a11ba95","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1375365/000137536523000036/smci-20230630.htm","publishedAt":"2023-08-28","sha256":"c90f63823968436e9da3c1a850e812b2df33efb7d7cbf0522f38a6938a6132e3","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1375365/000137536526000007/smci-20251231.htm","publishedAt":"2026-02-06","sha256":"e740d76e5c6abbb20d5cd6b9e26a31786ab32b4a99afc2c4ce46e3762a0204f1","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:e823ba336a031a841fb5457601e4f9c6eca41b9b234f664ad00f1518341d188e","usage":{"input_tokens":89865,"cached_input_tokens":89728,"cache_write_input_tokens":0,"output_tokens":4166,"reasoning_output_tokens":147},"basisSupplement":{"previousHash":"a8c9c1866a2af5b04a0f5de9e761fd6bb1eefce2bbbab712c0350f402240d49a","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-06-30","values":{"gross_margin":15.025993542514776,"operating_margin":3.484180398052297,"roic":12.637413575647393,"fcf_margin":1.8254511272488898,"sbc_revenue":0.8025193524973985},"issues":{"pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-06-30","values":{"gross_margin":15.396184714725411,"operating_margin":6.450358239902664,"roic":20.795524049927298,"fcf_margin":-9.352843354216308,"sbc_revenue":0.631550707559652},"issues":{"pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pocf":"Trailing operating cash flow is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"Operating cash flow is zero or negative, so this ratio is undefined.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-06-30","values":{"gross_margin":18.011023260815424,"operating_margin":10.684971198074201,"roic":36.31247881527824,"fcf_margin":8.798885151952375,"sbc_revenue":0.7641347307398264},"issues":{"pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-06-30","values":{"gross_margin":11.059154174200103,"operating_margin":5.702674334957123,"roic":null,"fcf_margin":6.9739080236602495,"sbc_revenue":1.4311459990837445},"issues":{"peg":"The matching period one year earlier is unavailable.","pfcf_growth":"The matching period one year earlier is unavailable.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"The matching period one year earlier is unavailable.","roce":"The matching period one year earlier is unavailable.","roiic":"The matching period one year earlier is unavailable.","roe":"The matching period one year earlier is unavailable.","roa":"The matching period one year earlier is unavailable.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","dilution":"The matching period one year earlier is unavailable.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2026","end":"2026-06-30","values":{"gross_margin":10.821604097086885,"operating_margin":7.092340305442439,"roic":36.18487797727377,"fcf_margin":-17.84776425161851,"sbc_revenue":1.0549989514393543},"issues":{"pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pocf":"Trailing operating cash flow is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"Operating cash flow is zero or negative, so this ratio is undefined.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1375365/000137536526000022/smci-20260630.htm","publishedAt":"2026-08-31","sha256":"4eada0f1642425939a79fdc6c54612563866d8d87599b546fccf9ff954669c5c","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1375365/000137536526000014/smci-20260331.htm","publishedAt":"2026-05-11","sha256":"aee218f6ae948296871939276dc1368d91cbf250f5280ee8320418c638518bba","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1375365/000137536526000008/smci-20260303.htm","publishedAt":"2026-03-03","sha256":"3e6ac115ddd39db6f8b378fe87ca5992f22b95cea482220eec13a5775351a263","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1375365/000137536525000027/smci-20250630.htm","publishedAt":"2025-08-28","sha256":"e27c6aface34f8b08b0746c0e37eddd36d27f2d8917f7cc8563039994a11ba95","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1375365/000137536523000036/smci-20230630.htm","publishedAt":"2023-08-28","sha256":"c90f63823968436e9da3c1a850e812b2df33efb7d7cbf0522f38a6938a6132e3","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1375365/000137536526000007/smci-20251231.htm","publishedAt":"2026-02-06","sha256":"e740d76e5c6abbb20d5cd6b9e26a31786ab32b4a99afc2c4ce46e3762a0204f1","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"none","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"none","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"none","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}