SMCISuper Micro Computer, Inc.

Electronic Computers

Revenue: $39.1B; 78% YoY
Operating margin: 7.1%; 24% YoY
EBITDA: $2.8B; 118% YoY
Market cap: $21.6B
Employees: 3,500; $11M revenue each
Net debt / EBITDA: -1.2×; −$3.5B net debt
AI in 10-K: 7.3; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
-305% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentYes
61% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$11M · 97th pct
Bottom quartile of its SIC industry
Quiet on AINo
7.3 per 10K words · 88th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 1.2× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$21.6B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$28M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$5.2B	$7.1B	$15.0B	$22.0B	$39.1B	78%
Operating income	$335M	$761M	$1.2B	$1.3B	$2.8B	121%
Net income	$285M	$640M	$1.2B	$1.0B	$2.2B	113%
Operating cash flow	−$441M	$664M	−$2.5B	$1.7B	−$6.8B	510%
Capex	$45M	$37M	$124M	$127M	$162M	27%
Stock-based comp	$33M	$54M	$232M	$314M	$412M	31%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jun 17, 2021	OAKTREE CAPITAL MANAGEMENT LP	SC 13D/A	4.5%	Active
Mar 31, 2021	OAKTREE CAPITAL MANAGEMENT LP	SC 13D/A	5.6%	Active
Mar 19, 2020	OAKTREE CAPITAL MANAGEMENT LP	SC 13D	6.8%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $28M · 10
Net: −$28M

Pay vs performance

No pay-versus-performance disclosure yet.