Super Micro Computer
ConvictionWeak
Design + build-to-order integration of GPU/CPU servers, storage and full liquid-cooled AI racks (Total IT Solutions); revenue is largely hardware pass-through of third-party silicon (Nvidia/AMD/Intel) plus SMCI board/system engineering, with global assembly (San Jose, Taiwan, Malaysia, Netherlands) and building-block modular design
Revenue
FY2026 guided $38.9B-$40.4Bcompany); FY2025 actual ~$22.0BRev growth
+123% YoYin Q3 FY2026 ($10.24B vs $4.6B); -19% QoQ vs $12.7B in Q2 FY2026; FY2025 +~47% YoYGross margin
9.9% GAAP10.1% non-GAAP) in Q3 FY2026, up from 6.3% in Q2 FY2026 and vs 9.6% in Q3 FY2025; FY2025 11.1% (down from 13.8% in FY2024Op margin
not separately headlinedimplied net margin ~4.7% in Q3 FY2026 ($483M / $10.24BCapex intensity
lowasset-light integrator model, property/equipment spend a low single-digit % of revenueMarket cap
~$17.9B2026-07-02The read
Where our coverage leans
Coverage leans bearish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
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- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence