Stocks·NASDAQ:SMCI
Super Micro Computer (SMCI)
Loading chart…
Revenue, last 12 months$54B+156% vs. a year before
Free cash flow, last 12 months-$6.50BBurning cash
Cash and short-term investments$6.91BNo debt reported
Shares outstanding, past year+10.4%659M shares now
Cash runway (my math)13 monthsAt $1.62B burned a quarter
Backlog (signed, not yet booked)$5.67BAs of Sep 30, 2026
My take
Rosenblatt's target
$57
Every video where I mention SMCI
- SMCI Stock: Why This $34 AI Stock Has a $57 Price Target Nov 4, 2026
Super Micro closed Tuesday at $31.39 a share. It was trading around $34.46 after hours on…
The last 12 months
- Nov 6, 202610-QQuarterly report
- Nov 4, 2026VideoMy video: SMCI Stock: Why This $34 AI Stock Has a $57 Price Target
- Nov 3, 20268-KReleased quarterly results; Other news
- Oct 20, 20268-KReleased quarterly results
- Oct 15, 20268-KExecutive or board change
- Oct 8, 20268-KExecutive or board change
- Aug 31, 202610-KAnnual report
- Aug 11, 20268-KReleased quarterly results
- Aug 5, 20268-KOther news
- Jul 31, 2026SCHEDULE 13GAn investor reported a 5%+ stake
- Jul 21, 20268-KReleased quarterly results
- Jun 18, 2026SCHEDULE 13GAn investor reported a 5%+ stake
- Jun 16, 2026SCHEDULE 13GAn investor reported a 5%+ stake
- Jun 15, 20268-KSigned a major agreement; Changed shareholders' rights; Changed its bylaws or fiscal year
Cash runway: about 13 months. Super Micro Computer had $6.91B in cash and short-term investments on Sep 30, 2026 and burned $6.50B of free cash flow over the 12 months before that, about $1.62B a quarter. Divide one by the other and that's the runway, if nothing changes.
My math, not the company's. It doesn't count money raised after Sep 30, 2026 (check the Filings tab for offerings), credit lines, or plans to cut spending.
Show the numbers
| Revenue by year | |
|---|---|
| FY17 | $2.48B |
| FY18 | $3.36B |
| FY19 | $3.50B |
| FY20 | $3.34B |
| FY21 | $3.56B |
| FY22 | $5.20B |
| FY23 | $7.12B |
| FY24 | $15B |
| FY25 | $22B |
| FY26 | $39.1B |
Show the numbers
| Revenue by quarter | |
|---|---|
| Q4 23 | $3.66B |
| Q1 24 | $3.85B |
| Q2 24 | $5.35B |
| Q3 24 | $5.94B |
| Q4 24 | $5.68B |
| Q1 25 | $4.60B |
| Q2 25 | $5.76B |
| Q3 25 | $5.02B |
| Q4 25 | $12.7B |
| Q1 26 | $10.2B |
| Q2 26 | $11.1B |
| Q3 26 | $19.9B |
Show the numbers
| Operating income (loss) by year | |
|---|---|
| FY17 | $94.9M |
| FY18 | $94.7M |
| FY19 | $97.2M |
| FY20 | $85.7M |
| FY21 | $124M |
| FY22 | $335M |
| FY23 | $761M |
| FY24 | $1.21B |
| FY25 | $1.25B |
| FY26 | $2.77B |
Show the numbers
| Free cash flow by year | |
|---|---|
| FY17 | -$126M |
| FY18 | $59.5M |
| FY19 | $238M |
| FY20 | -$74.7M |
| FY21 | $64.9M |
| FY22 | -$486M |
| FY23 | $627M |
| FY24 | -$2.61B |
| FY25 | $1.53B |
| FY26 | -$6.97B |
Cash and short-term investmentsDebt
Show the numbers
| Cash and short-term investments | Debt | |
|---|---|---|
| FY17 | $111M | $161M |
| FY18 | $115M | $116M |
| FY19 | $248M | $0 |
| FY20 | $211M | $5.70M |
| FY21 | $232M | $34.7M |
| FY22 | $267M | $148M |
| FY23 | $440M | $120M |
| FY24 | $1.67B | n/a |
| FY25 | $5.18B | n/a |
| FY26 | $7.54B | n/a |
From the 10-Q filed Nov 6, 2026. Source.
Stock-based pay to employeesSpent buying back shares
Show the numbers
| Stock-based pay to employees | Spent buying back shares | |
|---|---|---|
| FY21 | $28.5M | $0 |
| FY22 | $32.8M | $0 |
| FY23 | $54.4M | $0 |
| FY24 | $232M | $0 |
| FY25 | $314M | $0 |
| FY26 | $412M | $0 |
If buybacks are smaller than stock pay, the buyback isn't shrinking the share count; it's soaking up shares handed to employees.
Show the numbers
| Backlog (remaining performance obligations) | |
|---|---|
| Q4 23 | $384M |
| Q1 24 | $437M |
| Q2 24 | $416M |
| Q3 24 | $558M |
| Q4 24 | $599M |
| Q1 25 | $666M |
| Q2 25 | $731M |
| Q3 25 | $1.03B |
| Q4 25 | $1.30B |
| Q1 26 | $2.14B |
| Q2 26 | $2.61B |
| Q3 26 | $5.67B |
Compare SMCI with other stocks →
From the company's own SEC filings via SEC EDGAR, latest period ended Sep 30, 2026. Numbers can be restated later. Not investment advice.
Dilution
Show the numbers
| Shares outstanding | |
|---|---|
| Jul 2022 | 523M |
| Oct 2022 | 529M |
| Jan 2023 | 536M |
| Apr 2023 | 525M |
| Jul 2023 | 529M |
| Oct 2023 | 533M |
| Jan 2024 | 559M |
| Apr 2024 | 586M |
| Jan 2025 | 593M |
| Apr 2025 | 597M |
| Jul 2025 | 594M |
| Oct 2025 | 597M |
| Jan 2026 | 599M |
| Apr 2026 | 601M |
| Jul 2026 | 657M |
| Oct 2026 | 659M |
The share count is up +10.4% in a year, so each share is a slightly smaller slice of the company. What dilution means.
Insider trades
Insider buys, 12 months0none
Insider sales, 12 months10$27.9M, 8 planned in advance
Bought or sold on the open market
| Date | Who | What | Shares | Value | Filing |
|---|---|---|---|---|---|
| Oct 7, 2026 | Liang Chiu-Chu Sara Liu Director, 10% owner | Sold on the market (planned) | 100K | $4.50M | Form 4 |
| Oct 7, 2026 | Charles Liang President and CEO, Director, 10% owner | Sold on the market (planned) | 100K | $4.50M | Form 4 |
| Sep 4, 2026 | Charles Liang President and CEO, Director, 10% owner | Sold on the market (planned) | 100K | $4M | Form 4 |
| Sep 4, 2026 | Liang Chiu-Chu Sara Liu Director, 10% owner | Sold on the market (planned) | 100K | $4M | Form 4 |
| Sep 3, 2026 | Charles Liang President and CEO, Director, 10% owner | Sold on the market (planned) 2 trades that day | 100K | $3.72M | Form 4 |
| Sep 3, 2026 | Liang Chiu-Chu Sara Liu Director, 10% owner | Sold on the market (planned) 2 trades that day | 100K | $3.72M | Form 4 |
| Nov 26, 2025 | Sherman Tuan Director | Sold on the market | 48.6K | $1.60M | Form 4 |
| Nov 24, 2025 | George Kao SVP, OPERATIONS | Sold on the market | 56.9K | $1.87M | Form 4 |
Everything else: grants, option exercises, tax withholding (108)
| Date | Who | What | Shares | Value | Filing |
|---|---|---|---|---|---|
| Aug 17, 2026 | Jin Xiao Sr. Corporate VP, Engineering | Exercised options | 4K | n/a | Form 4 |
| Aug 17, 2026 | Jin Xiao Sr. Corporate VP, Engineering | Shares withheld for taxes | 1.4K | $55K | Form 4 |
| Aug 17, 2026 | David E Weigand SVP, Chief Financial Officer | Exercised options | 6.5K | n/a | Form 4 |
| Aug 17, 2026 | David E Weigand SVP, Chief Financial Officer | Shares withheld for taxes | 3.3K | $127K | Form 4 |
| Aug 17, 2026 | Matthew Thauberger Chief Revenue Officer | Exercised options | 2.3K | n/a | Form 4 |
| Aug 17, 2026 | Matthew Thauberger Chief Revenue Officer | Shares withheld for taxes | 1.1K | $43.8K | Form 4 |
| Aug 17, 2026 | Vikranth Malyala SVP, Chief Business Officer | Exercised options | 6K | n/a | Form 4 |
| Aug 17, 2026 | Vikranth Malyala SVP, Chief Business Officer | Shares withheld for taxes | 3.1K | $117K | Form 4 |
| Aug 17, 2026 | Charles Liang President and CEO, Director, 10% owner | Exercised options | 3.7K | n/a | Form 4 |
| Aug 17, 2026 | Charles Liang President and CEO, Director, 10% owner | Shares withheld for taxes | 2K | $75.4K | Form 4 |
| Aug 17, 2026 | Liang Chiu-Chu Sara Liu Director, 10% owner | Exercised options | 3.7K | n/a | Form 4 |
| Aug 17, 2026 | Liang Chiu-Chu Sara Liu Director, 10% owner | Shares withheld for taxes | 2K | $75.4K | Form 4 |
| Aug 17, 2026 | Kenneth Cheung SVP, Chief Accounting Officer | Exercised options | 2.3K | n/a | Form 4 |
| Aug 17, 2026 | Kenneth Cheung SVP, Chief Accounting Officer | Shares withheld for taxes | 808 | $30.9K | Form 4 |
| Aug 10, 2026 | Matthew Thauberger Chief Revenue Officer | Exercised options 2 trades that day | 1.2K | n/a | Form 4 |
| Aug 10, 2026 | Matthew Thauberger Chief Revenue Officer | Shares withheld for taxes 2 trades that day | 596 | $18.8K | Form 4 |
| Aug 10, 2026 | Vikranth Malyala SVP, Chief Business Officer | Exercised options 2 trades that day | 3.2K | n/a | Form 4 |
| Aug 10, 2026 | Vikranth Malyala SVP, Chief Business Officer | Shares withheld for taxes 2 trades that day | 1.7K | $52K | Form 4 |
| Aug 10, 2026 | Jin Xiao Sr. Corporate VP, Engineering | Exercised options 2 trades that day | 3K | n/a | Form 4 |
| Aug 10, 2026 | Jin Xiao Sr. Corporate VP, Engineering | Shares withheld for taxes 2 trades that day | 1.1K | $33.8K | Form 4 |
| Aug 10, 2026 | Kenneth Cheung SVP, Chief Accounting Officer | Exercised options 2 trades that day | 4.7K | n/a | Form 4 |
| Aug 10, 2026 | Kenneth Cheung SVP, Chief Accounting Officer | Shares withheld for taxes 2 trades that day | 1.7K | $52.9K | Form 4 |
| Aug 10, 2026 | Liang Chiu-Chu Sara Liu Director, 10% owner | Exercised options 2 trades that day | 3.1K | n/a | Form 4 |
| Aug 10, 2026 | Liang Chiu-Chu Sara Liu Director, 10% owner | Shares withheld for taxes 2 trades that day | 1.7K | $53.2K | Form 4 |
| Aug 10, 2026 | Charles Liang President and CEO, Director, 10% owner | Exercised options 2 trades that day | 3.1K | n/a | Form 4 |
| Aug 10, 2026 | Charles Liang President and CEO, Director, 10% owner | Shares withheld for taxes 2 trades that day | 1.7K | $53.2K | Form 4 |
| Aug 10, 2026 | David E Weigand SVP, Chief Financial Officer | Exercised options | 1.5K | n/a | Form 4 |
| Aug 10, 2026 | David E Weigand SVP, Chief Financial Officer | Shares withheld for taxes | 754 | $23.7K | Form 4 |
| Jul 1, 2026 | Liang Chiu-Chu Sara Liu Director, 10% owner | Exercised options 3 trades that day | 1.6K | n/a | Form 4 |
| Jul 1, 2026 | Liang Chiu-Chu Sara Liu Director, 10% owner | Shares withheld for taxes 3 trades that day | 872 | $24.1K | Form 4 |
| Jul 1, 2026 | David E Weigand SVP, Chief Financial Officer | Exercised options 5 trades that day | 19.7K | n/a | Form 4 |
| Jul 1, 2026 | David E Weigand SVP, Chief Financial Officer | Shares withheld for taxes 5 trades that day | 10K | $278K | Form 4 |
| Jul 1, 2026 | Charles Liang President and CEO, Director, 10% owner | Exercised options 3 trades that day | 1.6K | n/a | Form 4 |
| Jul 1, 2026 | Charles Liang President and CEO, Director, 10% owner | Shares withheld for taxes 3 trades that day | 872 | $24.1K | Form 4 |
| Jul 1, 2026 | Vikranth Malyala SVP, Chief Business Officer | Exercised options 4 trades that day | 7.7K | n/a | Form 4 |
| Jul 1, 2026 | Vikranth Malyala SVP, Chief Business Officer | Shares withheld for taxes 4 trades that day | 3.9K | $109K | Form 4 |
| Jun 30, 2026 | Robert L Blair Director | Exercised options | 5.4K | n/a | Form 4 |
| Jun 30, 2026 | Scott Angel Director | Exercised options | 5.4K | n/a | Form 4 |
| Jun 30, 2026 | Judy L. Lin Director | Exercised options | 5.4K | n/a | Form 4 |
| Jun 30, 2026 | Tally C Liu Director | Exercised options | 2.7K | n/a | Form 4 |
An insider buying with their own money is a stronger signal than a sale: people sell for taxes, houses and diversification. "Planned" sales were scheduled months ahead under a 10b5-1 plan. Source: SEC Form 4.
Famous investors who own it
| Investor | Quarter | Shares | Value | Share of fund | Change |
|---|---|---|---|---|---|
| Ray Dalio (founder) (Bridgewater Associates) | Q2 26 | 82.3K | $2.41M | <0.1% | Added (+11%) |
From each fund's latest 13F, filed up to 45 days after the quarter ends, so it's old news by design. 13Fs only show US stock owned on the last day of the quarter: no short sales, and "added" or "trimmed" compares two snapshots, not actual trades. See what these funds bought and sold.
Failed trades
Show the numbers
| Failed trades (fails to deliver) | |
|---|---|
| Jul 15 | 15.4K |
| Jul 16 | 14.7K |
| Jul 17 | 14.1K |
| Jul 20 | 35.7K |
| Jul 22 | 63.9K |
| Jul 23 | 181K |
| Jul 27 | 15.2K |
| Aug 4 | 264 |
| Aug 5 | 356K |
| Aug 7 | 57.8K |
| Aug 10 | 5K |
| Aug 12 | 269K |
| Aug 13 | 484 |
| Aug 14 | 400 |
| Aug 17 | 17.8K |
| Aug 21 | 11.9K |
| Aug 24 | 10.9K |
| Aug 25 | 600 |
| Aug 31 | 4.3K |
| Sep 1 | 9.8K |
| Sep 2 | 2.8K |
| Sep 4 | 14.9K |
| Sep 8 | 45.2K |
| Sep 9 | 170K |
| Sep 11 | 29.9K |
| Sep 14 | 4.6K |
| Sep 17 | 1.2M |
| Sep 18 | 25K |
| Sep 21 | 11.5K |
| Sep 22 | 292K |
| Sep 24 | 142K |
| Sep 25 | 300 |
| Sep 28 | 51.1K |
| Oct 2 | 1K |
| Oct 5 | 90.5K |
| Oct 6 | 976 |
| Oct 7 | 92.3K |
| Oct 8 | 2.6K |
| Oct 13 | 2.6K |
| Oct 14 | 48.3K |
From the SEC's fails-to-deliver data, which runs two to four weeks behind. A spike can mean heavy short selling or just back-office delays; it isn't proof of anything on its own. Short interest isn't shown: FINRA's terms don't allow republishing it.
Share offerings
Selling new shares dilutes current owners. A "shelf" is permission to sell later; a 424B5 usually means a sale is actually happening.
- Jun 12, 2026424B5Prospectus for a sale off the shelf (new shares, an at-the-market program, or bonds)
- Jun 12, 2026424B5Prospectus for a sale off the shelf (new shares, an at-the-market program, or bonds)
- Jun 12, 2026424B5Prospectus for a sale off the shelf (new shares, an at-the-market program, or bonds)
- Jun 10, 2026424B5Prospectus for a sale off the shelf (new shares, an at-the-market program, or bonds)
- Jun 10, 2026424B5Prospectus for a sale off the shelf (new shares, an at-the-market program, or bonds)
- Jun 9, 2026S-3ASRAutomatic shelf registration: can sell stock or debt later
- Jun 8, 2026S-8Registered shares for employee stock plans
- Jun 16, 2025S-8Registered shares for employee stock plans
What they told the SEC, in plain English
Every 8-K (the report a company files when something big happens) in the last two years. Red ones are worth a closer look: auditor changes, restatements, late reports, listing problems.
- Nov 3, 20268-KReleased quarterly results; Other news
- Oct 20, 20268-KReleased quarterly results
- Oct 15, 20268-KExecutive or board change
- Oct 8, 20268-KExecutive or board change
- Aug 11, 20268-KReleased quarterly results
- Aug 5, 20268-KOther news
- Jul 31, 2026SCHEDULE 13GAn investor reported a 5%+ stake
- Jul 21, 20268-KReleased quarterly results
- Jun 18, 2026SCHEDULE 13GAn investor reported a 5%+ stake
- Jun 16, 2026SCHEDULE 13GAn investor reported a 5%+ stake
- Jun 15, 20268-KSigned a major agreement; Changed shareholders' rights; Changed its bylaws or fiscal year
- Jun 12, 20268-KSigned a major agreement; Shared information with investors
- Jun 9, 20268-KOther news
- May 18, 20268-KExecutive or board change
- May 5, 20268-KReleased quarterly results
- Apr 30, 2026SCHEDULE 13GAn investor reported a 5%+ stake
- Apr 20, 20268-KExecutive or board change; Shareholder vote results
- Mar 20, 20268-KExecutive or board change
- Feb 3, 20268-KReleased quarterly results
- Jan 29, 20268-KSigned a major agreement
- Jan 26, 20268-KSigned a major agreement; Set director nomination dates; Other news
- Jan 2, 20268-K/AExecutive or board change
- Jan 2, 20268-KSigned a major agreement
- Dec 29, 20258-KExecutive or board change
- Nov 4, 20258-KReleased quarterly results
What changed in the latest annual report
Comparing the risk factors in the 10-K filed Aug 31, 2026 with the one filed Aug 28, 2025: 3 new and 7 removed, out of 33.
New this year
- Climate change may have a long-term impact on our business.
- We were delinquent in certain SEC reporting obligations in prior fiscal years, which may increase the risk of SEC enforcement actions, damage investor confidence, and require significant resources to correct. We have since implemented enhanced compliance controls to prevent recurrence.
- Our operating results may be adversely impacted by additional tax liabilities, higher than expected tax rates, changes in tax laws, and other tax-related factors.
Dropped from last year (7)
- We face risks related to previously being delinquent in our SEC reporting obligations.
- We have incurred and expect to continue to incur significant expenses related to the circumstances discussed in Item 9. "Changes in and Disagreements with Accountants on Accounting and Financial Disclosure" of this Annual Report and the remediation of deficiencies in our internal control over…
- Matters relating to or arising from the circumstances discussed in Item 9. "Changes in and Disagreements with Accountants on Accounting and Financial Disclosure" of this Annual Report, including adverse publicity and potential concerns from our customers, have had and could continue to have an…
- Changes in U.S. or foreign policies, geopolitical conditions, general economic conditions, and other factors beyond our control may adversely impact our business and operating results.
- Our future effective income tax rates could be affected by changes in the relative mix of our operations, our relative income among different geographic regions and domestic and foreign income tax laws, which could affect our future operating results, financial condition and cash flows.
- Our products may not be viewed as supporting climate change mitigation in the IT sector.
- Expectations and evolving laws and regulations relating to environmental, social and governance considerations expose us to potential liabilities, reputational harm and other unforeseen adverse effects on our business.
Matched by each risk's headline, so a reworded risk can show up as new. This year's report · last year's.
Search inside Super Micro Computer's filings
Opens the SEC's own full-text search in a new tab, limited to SMCI. Every SMCI filing on EDGAR.