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Held by 771 of 6,047 reporting institutions (98th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Ranked against 17 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| STX | $169.9B | 53.8× | 39.3× | 13.9× | 34.1% | 45.6% | 26.1% | 147% | 55.5% | 0.4× | 1,888 |
| WDC | $142.5B | 15.7× | 29.6× | 11.0× | 35.7% | 48.9% | 72.9% | 106% | 85.9% | 0.1× | 1,791 |
| FTNT | $140.0B | 78.8× | 61.9× | 20.6× | 14.2% | 80.5% | 27.3% | 150% | 83.0% | -0.7× | 1,531 |
| HPE | $91.3B | — | 46.9× | 2.7× | 13.8% | — | 0.2% | 0.2% | 0.1% | 7.2× | 1,400 |
| P | $52.3B | 285.4× | — | 14.3× | 15.6% | 70.4% | 5.1% | 13.0% | 13.0% | -3.4× | — |
| NTAP | $46.9B | 37.6× | 25.6× | 7.5× | 5.6% | 78.5% | 20.5% | 94.4% | 33.2% | 0.2× | 931 |
| HPQ | $27.6B | 11.6× | 8.2× | 0.5× | 3.2% | 20.6% | 4.6% | -731% | 27.1% | 1.5× | 1,047 |
| FFIV | $27.0B | 40.4× | 29.9× | 8.7× | 9.7% | 81.4% | 22.4% | 19.3% | 19.3% | -1.6× | 800 |
| SMCI | $25.7B | 12.0× | 7.9× | 0.7× | 77.8% | 10.8% | 5.7% | 15.4% | 12.0% | -1.2× | 771 |
| LOGI | $14.7B | 21.4× | 15.5× | 3.0× | 6.3% | 43.2% | 14.7% | 32.2% | 32.2% | -2.1× | 377 |
| NATL | $3.4B | 21.5× | 7.6× | 0.8× | 1.1% | — | 3.7% | 40.2% | 5.1% | 3.0× | 347 |
| EXTR | $3.1B | 75.8× | 38.9× | 2.4× | 12.6% | 61.5% | 3.3% | 47.5% | 16.7% | -0.6× | 331 |
| DGII | $2.8B | 69.1× | 32.9× | 6.6× | 1.5% | 62.9% | 9.5% | 6.4% | 5.1% | 1.5× | 263 |
| DBD | $2.2B | 25.7× | 7.5× | 0.6× | 1.5% | 25.3% | 2.5% | 8.6% | 4.6% | 1.5× | 207 |
| ATEN | $2.1B | 50.0× | 35.8× | 7.1× | 11.0% | 79.3% | 14.5% | 19.9% | 9.8% | 2.4× | 298 |
| OMCL | $1.7B | — | 17.4× | 1.4× | 6.5% | 42.5% | 0.2% | 0.2% | 0.2% | -2.3× | 292 |
| CRSR | $1.5B | — | 98.1× | 1.1× | 11.9% | 28.9% | -1.1% | -2.6% | -2.1% | 1.5× | 215 |
| VYX | $994M | 24.0× | 7.3× | 0.4× | -4.6% | — | 2.3% | 6.5% | 3.0% | 3.4× | 290 |
Peers = companies sharing SMCI's sector (Electronic Computers) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 1 positive fiscal year (FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $35.78 today, the market must believe free cash flow compounds 9.5%/yr for a decade (off $1.53B on the 3-yr avg basis).
On the basis ($1.22B) the requirement is 13.0%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
Default is 14.7% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.66B shares (market data) · net debt -$3.47B
mean -350.4% · volatility σ 444% · implied rate exceeded in 1/5 yrs
Central path = implied 9.5%/yr growth; shaded band = ±1σ (444%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on -$6.97B FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 12%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $7.52B covers all $4.06B of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2026-06-30 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~4.8% on $4.06B of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-14
How a revenue dollar becomes profit — FY2026
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $39.06B 100.0% | $21.97B 100.0% | $14.99B 100.0% | $7.12B 100.0% | $5.20B 100.0% | $3.56B 100.0% | $3.34B 100.0% | $3.50B 100.0% | $3.36B 100.0% | $2.48B 100.0% |
| Cost of Revenue | $34.84B 89.2% | $19.54B 88.9% | $12.93B 86.2% | $5.84B 82.0% | $4.40B 84.6% | $3.02B 85.0% | $2.81B 84.2% | $3.00B 85.8% | $2.93B 87.2% | $2.13B 85.9% |
| Gross Profit | $4.23B 10.8% | $2.43B 11.1% | $2.06B 13.8% | $1.28B 18.0% | $800.0M 15.4% | $534.5M 15.0% | $526.2M 15.8% | $495.5M 14.2% | $430.0M 12.8% | $350.0M 14.1% |
| Research & Development | $771.2M 2.0% | $636.5M 2.9% | $463.5M 3.1% | $307.3M 4.3% | $272.3M 5.2% | $224.4M 6.3% | $221.5M 6.6% | $179.9M 5.1% | $165.1M 4.9% | $144.0M 5.8% |
| Selling, General & Admin | $332.9M 0.9% | $267.2M 1.2% | $197.3M 1.3% | $99.6M 1.4% | $102.4M 2.0% | $100.5M 2.8% | $133.9M 4.0% | $141.2M 4.0% | $98.6M 2.9% | $44.6M 1.8% |
| Total Operating Expenses | $1.46B 3.7% | $1.18B 5.4% | $850.6M 5.7% | $521.9M 7.3% | $464.8M 8.9% | $410.6M 11.5% | $440.6M 13.2% | $398.3M 11.4% | $335.3M 10.0% | $255.1M 10.3% |
| Operating Income | $2.77B 7.1% | $1.25B 5.7% | $1.21B 8.1% | $761.1M 10.7% | $335.2M 6.5% | $123.9M 3.5% | $85.7M 2.6% | $97.2M 2.8% | $94.7M 2.8% | $94.9M 3.8% |
| Interest Expense | $194.6M 0.5% | $59.6M 0.3% | $19.4M 0.1% | $10.5M 0.1% | $6.4M 0.1% | $2.5M 0.1% | $2.2M 0.1% | $6.7M 0.2% | $5.7M 0.2% | $2.3M 0.1% |
| Interest & Investment Income | $186.9M 0.5% | $59.8M 0.3% | $29.0M 0.2% | — | — | — | — | — | — | — |
| Other Income (Expense), net | $26.4M 0.1% | $18.5M 0.1% | $22.7M 0.2% | $3.6M 0.1% | $8.1M 0.2% | -$2.8M -0.1% | $1.4M 0.0% | -$1.0M -0.0% | -$773K -0.0% | -$984K -0.0% |
| Pretax Income | $2.79B 7.1% | $1.21B 5.5% | $1.21B 8.1% | $754.3M 10.6% | $336.8M 6.5% | $118.6M 3.3% | $84.8M 2.5% | $89.5M 2.6% | $88.2M 2.6% | $91.6M 3.7% |
| Income Tax Expense | $556.3M 1.4% | $156.9M 0.7% | $63.3M 0.4% | $110.7M 1.6% | $52.9M 1.0% | $6.9M 0.2% | $2.9M 0.1% | $14.9M 0.4% | $38.4M 1.1% | $24.4M 1.0% |
| Net Income | $2.23B 5.7% | $1.05B 4.8% | $1.15B 7.7% | $640.0M 9.0% | $285.2M 5.5% | $111.9M 3.1% | $84.3M 2.5% | $71.9M 2.1% | $46.2M 1.4% | $66.9M 2.7% |
| Per Share | ||||||||||
| EPS (Basic) | $3.65 | $1.77 | $2.07 | $1.21 | $0.55 | $2.19 | $1.65 | $1.44 | $0.94 | $1.38 |
| EPS (Diluted) | $3.26 | $1.68 | $1.92 | $1.14 | $0.53 | $2.09 | $1.60 | $1.39 | $0.89 | $1.29 |
| Weighted Avg Shares (Basic) | 601.8M | 593.7M | 555.9M | 529.2M | 514.8M | 51.2M | 51.0M | 49.9M | 49.3M | 48.4M |
| Weighted Avg Shares (Diluted) | 697.3M | 628.4M | 602.1M | 559.7M | 536.2M | 53.5M | 52.8M | 51.7M | 52.2M | 51.7M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-14
Where each multiple sits in its own 15-yr range · 79th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 15-yr history.
Is the profit real, and how strong is the balance sheet?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE 15% against ROIC 12% — 3% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 21.5% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 1.6× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 85.8 | 84.2 | 85.0 | 84.6 | 82.0 | 86.2 | 88.9 | 89.2 |
| Gross Profit | 14.2 | 15.8 | 15.0 | 15.4 | 18.0 | 13.8 | 11.1 | 10.8 |
| R&D | 5.1 | 6.6 | 6.3 | 5.2 | 4.3 | 3.1 | 2.9 | 2.0 |
| SG&A | 4.0 | 4.0 | 2.8 | 2.0 | 1.4 | 1.3 | 1.2 | 0.9 |
| Operating Income | 2.8 | 2.6 | 3.5 | 6.5 | 10.7 | 8.1 | 5.7 | 7.1 |
| Income Tax | 0.4 | 0.1 | 0.2 | 1.0 | 1.6 | 0.4 | 0.7 | 1.4 |
| Net Income | 2.1 | 2.5 | 3.1 | 5.5 | 9.0 | 7.7 | 4.8 | 5.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on SMCI: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 20.72pts above its cost of capital, but margins are compressing.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | 7.7% | 14.7% (today's — no rate published for this year) | -7.1pts |
| FY2021 | 10.3% | 14.7% (today's — no rate published for this year) | -4.5pts |
| FY2022 | 15.5% | 7.2% | 8.3pts |
| FY2023 | 33.7% | 8.2% | 25.5pts |
| FY2024 | 23.2% | 11.1% | 12.1pts |
| FY2025 | 55.1% | 16.1% | 39.0pts |
| FY2026 | 19.6% | 14.8% | 4.8pts |
| Now | 12.0% | 14.7% | -2.7pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 14.1% | 3.8% | 2.7% |
| FY2018 | 12.8% | 2.8% | 1.4% |
| FY2019 | 14.2% | 2.8% | 2.1% |
| FY2020 | 15.8% | 2.6% | 2.5% |
| FY2021 | 15.0% | 3.5% | 3.1% |
| FY2022 | 15.4% | 6.5% | 5.5% |
| FY2023 | 18.0% | 10.7% | 9.0% |
| FY2024 | 13.8% | 8.1% | 7.7% |
| FY2025 | 11.1% | 5.7% | 4.8% |
| FY2026 | 10.8% | 7.1% | 5.7% |
Leverage and buybacks account for 3 points of the 15% return on equity in FY2026. The business earns 12% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
Margins have compressed 3 years running even as the spread stayed positive.
Cash conversion of -0.93x sits below the level that would make the earnings clearly cash-backed.
Reported free cash flow is -$6.97B; after share-based compensation it is -$7.38B. The difference is a real cost that the cash flow statement adds back.
Covers interest 10.0x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 14.24x |
| 5% | 13.53x |
| 10% | 12.81x |
| 15% | 12.10x |
| 20% | 11.39x |
| 25% | 10.68x |
| 30% | 9.97x |
| 35% | 9.26x |
| 40% | 8.54x |
| 45% | 7.83x |
| 50% | 7.12x |
| 55% | 6.41x |
| 60% | 5.70x |
Ladder as of 2026-06-30 (10-K); cash from the 2026-06-30 balance sheet; FCF from FY2026. Free cash flow is negative, so projected resources fall rather than accumulate.
Balance sheet at 2026-06-30. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Free cash flow is negative, so debt service depends on the cash balance rather than on the business.
At $39.07, free cash flow must compound 11.44%/yr for 10 years. It has no positive compounding record to compare against.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2022 | −848.4% | 11.4% |
| FY2024 | −516.4% | 11.4% |
| FY2026 | −555.0% | 11.4% |
The implied rate of 11.44% has not been achieved in any of the last 3 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $2.23B | $2.23B |
| Share-based comp | $412M | $2.64B |
| Other non-cash & working capital | −$9.45B | −$6.81B |
| Operating cash flow | −$6.81B | −$6.81B |
| Capex | −$162M | −$6.97B |
| Free cash flow | −$6.97B | −$6.97B |
| FCF after SBC | −$7.38B | −$7.38B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 6.5% | 14.9% | 8.4 points |
| FY2022 | 46.1% | 79.9% | 33.9 points |
| FY2023 | 37.1% | 37.6% | 0.5 points |
| FY2024 | 110.4% | 138.4% | 28.0 points |
| FY2025 | 46.6% | -19.5% | -66.1 points |
| FY2026 | 77.8% | 177.9% | 100.1 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2020 | 44.1 days | 110.5 days | 54.2 days | 100.4 days |
| FY2021 | 47.6 days | 125.7 days | 73.9 days | 99.3 days |
| FY2022 | 58.6 days | 128.3 days | 54.4 days | 132.5 days |
| FY2023 | 58.8 days | 90.3 days | 48.5 days | 100.6 days |
| FY2024 | 66.7 days | 122.3 days | 41.6 days | 147.4 days |
| FY2025 | 36.6 days | 87.4 days | 23.9 days | 100.1 days |
| FY2026 | 57.2 days | 135.1 days | 23.5 days | 168.8 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | 6.0 percent |
| FY2021 | -0.5 percent |
| FY2022 | 22.6 percent |
| FY2023 | -0.6 percent |
| FY2024 | 37.0 percent |
| FY2025 | -4.4 percent |
| FY2026 | 30.2 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2026) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.