Latest Ratios: P/E Ratio 15.6x · EV/EBITDA 11.7x · ROE 17.9%. (2005–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $15.7B | $30.8B | $51.5B | $15.0B | $2.3B | $1.9B | $1.5B | $1.0B | $1.2B | $1.3B | $1.3B |
| Enterprise Value | $15.3B | $30.4B | $52.0B | $14.9B | $2.6B | $1.8B | $1.3B | $779M | $1.2B | $1.3B | $1.2B |
| P/E Ratio → | 15.63 | 29.17 | 48.77 | 12.40 | 3.54 | 6.64 | 17.75 | 13.86 | 26.63 | 19.00 | 17.79 |
| P/S Ratio | 0.72 | 1.40 | 3.44 | 2.11 | 0.44 | 0.53 | 0.45 | 0.29 | 0.37 | 0.51 | 0.58 |
| P/B Ratio | 2.62 | 4.89 | 9.50 | 7.61 | 1.59 | 1.72 | 1.41 | 1.07 | 1.47 | 1.60 | 1.79 |
| P/FCF | 10.26 | 20.10 | — | 23.95 | — | 29.06 | — | 4.22 | 20.76 | — | 17.47 |
| P/OCF | 9.47 | 18.56 | — | 22.62 | — | 15.35 | — | 3.82 | 14.65 | — | 11.95 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.38 | 3.47 | 2.09 | 0.50 | 0.50 | 0.40 | 0.22 | 0.37 | 0.53 | 0.54 |
| EV / EBITDA | 11.69 | 23.19 | 41.55 | 18.67 | 7.07 | 11.66 | 11.78 | 6.41 | 10.61 | 11.93 | 9.98 |
| EV / EBIT | 12.24 | 23.91 | 42.16 | 19.43 | 7.62 | 14.65 | 15.44 | 8.09 | 13.17 | 14.18 | 11.06 |
| EV / FCF | — | 19.84 | — | 23.71 | — | 27.32 | — | 3.28 | 20.78 | — | 16.32 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 11.1% | 11.1% | 13.8% | 18.0% | 15.4% | 15.0% | 15.8% | 14.2% | 12.8% | 14.1% | 14.9% |
| Operating Margin | 5.7% | 5.7% | 8.1% | 10.7% | 6.5% | 3.5% | 2.6% | 2.8% | 2.8% | 3.8% | 4.8% |
| Net Profit Margin | 4.8% | 4.8% | 7.7% | 9.0% | 5.5% | 3.1% | 2.5% | 2.1% | 1.4% | 2.7% | 3.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.9% | 17.9% | 31.2% | 37.7% | 22.6% | 10.3% | 8.4% | 8.1% | 5.6% | 8.8% | 10.8% |
| ROA | 8.8% | 8.8% | 17.1% | 18.6% | 10.5% | 5.4% | 4.7% | 4.2% | 2.8% | 5.0% | 6.4% |
| ROIC | 15.9% | 15.9% | 23.4% | 31.7% | 18.3% | 9.8% | 7.9% | 9.3% | 8.4% | 9.6% | 12.9% |
| ROCE | 13.1% | 13.1% | 24.8% | 37.7% | 22.4% | 10.0% | 7.5% | 9.6% | 9.9% | 10.8% | 15.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.76 | 0.76 | 0.40 | 0.15 | 0.44 | 0.11 | 0.05 | 0.03 | 0.14 | 0.20 | 0.13 |
| Debt / EBITDA | 3.64 | 3.64 | 1.74 | 0.36 | 1.68 | 0.78 | 0.47 | 0.19 | 1.00 | 1.45 | 0.77 |
| Net Debt / Equity | — | -0.06 | 0.09 | -0.08 | 0.25 | -0.10 | -0.15 | -0.24 | 0.00 | 0.06 | -0.12 |
| Net Debt / EBITDA | -0.30 | -0.30 | 0.41 | -0.19 | 0.96 | -0.74 | -1.37 | -1.85 | 0.01 | 0.46 | -0.71 |
| Debt / FCF | — | -0.26 | — | -0.24 | — | -1.74 | — | -0.94 | 0.01 | — | -1.15 |
| Interest Coverage | 21.34 | 21.34 | 63.74 | 72.90 | 53.52 | 48.74 | 38.94 | 14.38 | 16.41 | 40.69 | 68.38 |
Net cash position: cash ($5.2B) exceeds total debt ($4.8B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.25 | 5.25 | 3.81 | 2.31 | 1.91 | 1.93 | 2.25 | 2.35 | 1.89 | 2.34 | 2.58 |
| Quick Ratio | 3.25 | 3.25 | 1.96 | 1.26 | 0.86 | 0.85 | 1.05 | 1.24 | 0.83 | 1.15 | 1.34 |
| Cash Ratio | 2.20 | 2.20 | 0.71 | 0.32 | 0.18 | 0.24 | 0.30 | 0.41 | 0.14 | 0.21 | 0.50 |
| Asset Turnover | — | 1.57 | 1.53 | 1.94 | 1.62 | 1.59 | 1.74 | 2.08 | 1.90 | 1.67 | 1.91 |
| Inventory Turnover | 4.18 | 4.18 | 2.98 | 4.04 | 2.84 | 2.90 | 3.30 | 4.48 | 3.43 | 3.36 | 4.22 |
| Days Sales Outstanding | — | 36.84 | 66.95 | 60.26 | 60.34 | 57.84 | 54.70 | 49.71 | 59.13 | 59.14 | 40.42 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.4% | 3.4% | 2.1% | 8.1% | 28.2% | 15.1% | 5.6% | 7.2% | 3.8% | 5.3% | 5.6% |
| FCF Yield | 9.7% | 5.0% | — | 4.2% | — | 3.4% | — | 23.7% | 4.8% | — | 5.7% |
| Buyback Yield | 1.3% | 0.6% | 0.0% | 1.0% | 0.0% | 6.9% | 0.0% | 0.0% | 0.0% | 1.4% | 0.0% |
| Total Shareholder Yield | 1.3% | 0.6% | 0.0% | 1.0% | 0.0% | 6.9% | 0.0% | 0.0% | 0.0% | 1.4% | 0.0% |
| Shares Outstanding | — | $628M | $628M | $602M | $560M | $536M | $528M | $517M | $522M | $517M | $518M |
Governance and Accounting Instability
According to current market data, SMCI trades at a forward P/E of 11.80, which, when compared to the broader hardware sector, suggests that investors are heavily discounting the company's future earnings potential due to persistent governance concerns and the inherent volatility of its high-performance computing business model.
The low PEG ratio of 0.30 appears to signal an extreme growth-at-a-reasonable-price narrative, yet this metric may be misleading given the potential for significant downward revisions to earnings estimates. Investors should interpret these multiples with caution, as the market is likely pricing in a substantial risk premium for the recent auditor resignation and ongoing regulatory investigations.
Based on reported financial statements, the company's ROIC has experienced a notable decline, dropping from 12.3% in 2024Q2 to 4.5% in 2026Q3, which indicates that the firm is struggling to generate efficient returns on the massive capital investments required to scale its AI-focused hardware integration operations.
This downward trend in return on capital suggests that the company's competitive advantage in speed-to-market is being offset by the rising costs of inventory and infrastructure. The inability to maintain high returns on invested capital warrants further investigation into whether the current business model can sustain long-term value creation without significant margin improvement.
As reported in recent filings, the cash conversion cycle has expanded to 106 days in 2026Q3 from 62 days in 2024Q2, reflecting the increasing difficulty of managing inventory and supplier payables in a high-velocity, component-dependent hardware environment that is highly sensitive to supply chain bottlenecks.
The lengthening of the cash conversion cycle suggests that the company is becoming increasingly reliant on external financing to bridge the gap between component procurement and final product delivery. This trend implies that operational efficiency is deteriorating, which may further pressure liquidity if the company's ability to turn over inventory slows down.
According to the latest quarterly data, the debt-to-equity ratio has risen to 0.89 in 2026Q3, a significant increase from the 0.12 level observed in 2024Q2, indicating that the company is increasingly leveraging its balance sheet to fund aggressive expansion in a capital-intensive and highly competitive market.
While the interest coverage ratio remains at 3.79, the rapid accumulation of debt relative to equity suggests that the company's financial flexibility is narrowing. Investors should monitor whether this leverage profile becomes a constraint on future growth, especially if the company faces restricted access to capital markets due to its ongoing governance challenges.
The P/E ratio is frequently misapplied to SMCI, as it obscures the company's true nature as a low-margin hardware integrator rather than a high-margin software firm, leading to potentially flawed conclusions about the sustainability of its current earnings and the quality of its underlying cash flow generation.
Analysts should instead focus on EV/Sales and return on invested capital, which better capture the capital-intensive nature of the business and the thin margins inherent in rack-scale integration. Relying on P/E ignores the significant working capital requirements and the lumpy revenue recognition that characterize the company's operational reality.
Includes 30+ ratios · 21 years · Updated daily
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Quick answers to the most common questions about buying SMCI stock.
Super Micro Computer, Inc.'s current P/E ratio is 15.6x. The historical average is 19.1x. This places it at the 32th percentile of its historical range.
Super Micro Computer, Inc.'s current EV/EBITDA is 11.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.9x.
Super Micro Computer, Inc.'s return on equity (ROE) is 17.9%. The historical average is 17.0%.
Based on historical data, Super Micro Computer, Inc. is trading at a P/E of 15.6x. This is at the 32th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Super Micro Computer, Inc. has 11.1% gross margin and 5.7% operating margin.
Super Micro Computer, Inc.'s Debt/EBITDA ratio is 3.6x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.