Super Micro Computer, Inc. (SMCI) intrinsic value & 10-year financials
Super Micro Computer, Inc. (SMCI) has a Graham intrinsic value of $55.80 per share. At $31.63 on Oct 17, 2026, the stock trades 43% below that value. Over the last 10 fiscal years revenue grew 29.0% a year to $22.0B, with an average return on invested capital of 20.3%.
- Graham intrinsic value
- $55.80
- Share price (Oct 17, 2026)
- $31.63
- Price vs Graham value
- 43% below
- Market cap
- $19.9B
- Revenue (FY2025)
- $22.0B
- Revenue growth (10-yr CAGR)
- 29.0%
- ROIC (10-yr avg)
- 20.3%
- Free cash flow (FY2025)
- $1.5B
SMCI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $22.0B | $1.0B | $1.68 | $1.5B | 5.7% | 42.0% |
| FY2024 | $15.0B | $1.2B | $1.92 | -$2.6B | 8.1% | 41.0% |
| FY2023 | $7.1B | $640.0M | $1.04 | $626.8M | 10.7% | 36.1% |
| FY2022 | $5.2B | $285.2M | $0.48 | -$486.0M | 6.5% | 20.6% |
| FY2021 | $3.6B | $111.9M | $0.19 | $64.9M | 3.5% | 12.4% |
| FY2020 | $3.3B | $84.3M | $0.15 | -$74.7M | 2.6% | 10.2% |
| FY2019 | $3.5B | $71.9M | $0.13 | $237.7M | 2.8% | 10.3% |
| FY2018 | $3.4B | $46.2M | $0.08 | $59.5M | 2.8% | 6.9% |
| FY2017 | $2.5B | $66.9M | $0.12 | -$125.6M | 3.8% | 11.2% |
| FY2016 | $2.2B | $72.0M | $0.13 | $73.4M | 4.8% | 12.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Supermicro is a consistent compounder, expanding top-line revenue at 29.0% annually over the past decade.
Supermicro has earned high returns on invested capital, averaging 20.3% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Supermicro has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Supermicro is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $55.80 per share.